Tuesday, July 14, 2015 9:54:14 AM
Pretzel is back, I think...........Targets Captured Across The Board
http://www.pretzelcharts.com/
"First off, I have finally completed my personal-life-dictated hiatus (at least for the foreseeable future), and posts will henceforth return to their regular schedule. I'd like to again thank my readers for bearing with me, and particularly thank those of you who sent support during the past several weeks (you know who you are!). You guys and gals are truly the best.
With that behind us, let's get to some charts. We'll start with the Dow Jones Transportation Average Ordinary Mediocre (TRAN), which recently captured its preferred target (8000) from April (half a million years ago):"
"Last update, I stuck my neck out a bit and only published downside targets, with no alternate upside targets. Hopefully it paid off for readers, as all three published indices (including S&P 500 (SPX)) then went on to capture their targets."
"INDU also captured its target from last update, and now presents the same noise-driven ambiguity as SPX:"
"And NYA captured June's target zone as well. On this big-picture chart, we can see the potential for continued sideways chop into the 21st century and beyond, which could ultimately form an extended topping pattern. Oh wait, I guess we're already in the 21st century... It still feels like the 20th century to me, except for the fact that popular music has grown an order of magnitude worse, and my back hurts more often."
"In conclusion, last update, we had clear target zones, and those have since been captured -- but as of right now, there isn't a crystal-clear answer as to what's next. On the bull side, the market has formed potential ABC declines across the board, which means we at least have to consider the option that some type of meaningful bottom is in place. On the bear side, especially given how noisy 2015 has been, it's possible that this is a developing intermediate-term top. The best advice I have at the moment is to stick to low-risk, clearly-defined entries, and await more clarity. Trade safe."
http://www.pretzelcharts.com/
"First off, I have finally completed my personal-life-dictated hiatus (at least for the foreseeable future), and posts will henceforth return to their regular schedule. I'd like to again thank my readers for bearing with me, and particularly thank those of you who sent support during the past several weeks (you know who you are!). You guys and gals are truly the best.
With that behind us, let's get to some charts. We'll start with the Dow Jones Transportation Average Ordinary Mediocre (TRAN), which recently captured its preferred target (8000) from April (half a million years ago):"
"Last update, I stuck my neck out a bit and only published downside targets, with no alternate upside targets. Hopefully it paid off for readers, as all three published indices (including S&P 500 (SPX)) then went on to capture their targets."
"INDU also captured its target from last update, and now presents the same noise-driven ambiguity as SPX:"
"And NYA captured June's target zone as well. On this big-picture chart, we can see the potential for continued sideways chop into the 21st century and beyond, which could ultimately form an extended topping pattern. Oh wait, I guess we're already in the 21st century... It still feels like the 20th century to me, except for the fact that popular music has grown an order of magnitude worse, and my back hurts more often."
"In conclusion, last update, we had clear target zones, and those have since been captured -- but as of right now, there isn't a crystal-clear answer as to what's next. On the bull side, the market has formed potential ABC declines across the board, which means we at least have to consider the option that some type of meaningful bottom is in place. On the bear side, especially given how noisy 2015 has been, it's possible that this is a developing intermediate-term top. The best advice I have at the moment is to stick to low-risk, clearly-defined entries, and await more clarity. Trade safe."
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