Friday, November 17, 2017 12:30:04 PM
SPX and INDU Updates
http://www.pretzelcharts.com/
"Last update, I was so certain that we'd rally up north of 2586 SPX that I drew that path on the SPX chart and the INDU chart -- and then, just to keep us on our toes, SPX dipped briefly below 2566 before rallying up into the B/(2) target zone. I cannot even begin to express how difficult it becomes to predict a market that has made as much noise as this one, so please keep that in mind when we look at the projections below.
Let's start with INDU:"
"SPX would be expected to behave in a similar fashion:"
"In conclusion: The bull alternate on both charts is that the decline/correction is entirely complete and we'll head straight on to new highs from here in a decent third wave. I'm not favoring that -- if we were to make a new high, my first suspicion would be that it's still a B-wave (a second wave would be off the table). So I'm still inclined to think we need at least one more wave down to complete this pattern -- and possibly more than one.
The biggest challenge is determining exactly WHAT this mess is trying to correct. Due to the noise leading into the all-time-high, we may be correcting a higher degree wave than the conservative (C)/3 projection shown on the chart. It's simply not clear, and we'll just have to take it as it comes. Trade safe."
http://www.pretzelcharts.com/
"Last update, I was so certain that we'd rally up north of 2586 SPX that I drew that path on the SPX chart and the INDU chart -- and then, just to keep us on our toes, SPX dipped briefly below 2566 before rallying up into the B/(2) target zone. I cannot even begin to express how difficult it becomes to predict a market that has made as much noise as this one, so please keep that in mind when we look at the projections below.
Let's start with INDU:"
"SPX would be expected to behave in a similar fashion:"
"In conclusion: The bull alternate on both charts is that the decline/correction is entirely complete and we'll head straight on to new highs from here in a decent third wave. I'm not favoring that -- if we were to make a new high, my first suspicion would be that it's still a B-wave (a second wave would be off the table). So I'm still inclined to think we need at least one more wave down to complete this pattern -- and possibly more than one.
The biggest challenge is determining exactly WHAT this mess is trying to correct. Due to the noise leading into the all-time-high, we may be correcting a higher degree wave than the conservative (C)/3 projection shown on the chart. It's simply not clear, and we'll just have to take it as it comes. Trade safe."
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
