Monday, November 16, 2015 4:20:32 PM
SPX, INDU, BKX Updates
http://www.pretzelcharts.com/
"Last update warned that there was significant bearish potential in the current decline, and that it was not advisable to front-run the current wave. Friday's market saw SPX lose another 23 points. The current wave is one of the more difficult micro-counts we've seen in the past few months, so we'll zoom out and focus on the bigger picture for today's update. First up is INDU:"
"BKX shows that the current position of the market now points to a complete wave of higher degree at the recent highs:"
SPX is almost impossible to micro-count:
"Since micro-counting this wave is almost out of the question, I've drawn up a more basic 30-minute SPX chart:"
"In conclusion, on the SPX 5-minute chart I've outlined some of the qualifiers I'd look for before considering longs against the current decline. Until those qualifiers are met, it remains advisable to remember that it's well-within the range of possibility that the market may revisit or break the crash low. Trade safe."
http://www.pretzelcharts.com/
"Last update warned that there was significant bearish potential in the current decline, and that it was not advisable to front-run the current wave. Friday's market saw SPX lose another 23 points. The current wave is one of the more difficult micro-counts we've seen in the past few months, so we'll zoom out and focus on the bigger picture for today's update. First up is INDU:"
"BKX shows that the current position of the market now points to a complete wave of higher degree at the recent highs:"
SPX is almost impossible to micro-count:
"Since micro-counting this wave is almost out of the question, I've drawn up a more basic 30-minute SPX chart:"
"In conclusion, on the SPX 5-minute chart I've outlined some of the qualifiers I'd look for before considering longs against the current decline. Until those qualifiers are met, it remains advisable to remember that it's well-within the range of possibility that the market may revisit or break the crash low. Trade safe."
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