Wednesday, December 13, 2017 10:28:31 AM
Quick Glances at Multiple Time Frames
http://www.pretzelcharts.com/
"Yesterday, SPX and INDU both made new all-time highs, so I'm glad we didn't get bearish near the recent low. This market still isn't doing anyone any favors as far as future predictability, but we'll look at a couple options today.
First off, near-term, it appears we probably have at least one more wave up still remaining:"
"From there, the market has the option to put in a simple, short fifth wave -- or the option for an extended fifth. Almost every wave lately, across all wave degrees, has developed an extended fifth wave, so it's not a bad idea to be wary of one developing here."
"The extended fifth would allow a possible "resolution" higher, if it occurs, and could prelude a much larger correction -- while the market's other option would be less direct.. The other primary option here is for an extended sideways chop zone to develop. Such a chop zone would leave the high unresolved, suggesting an eventual resolution higher from said chop zone:"
"In conclusion: Recently, markets have been somewhat fractured, with RUT still well-off its high, NDX a little below its high, and SPX and INDU at new highs. This is not aiding in "predictability" here, but I'm expecting things will clarify in fairly short order. Trade safe."
http://www.pretzelcharts.com/
"Yesterday, SPX and INDU both made new all-time highs, so I'm glad we didn't get bearish near the recent low. This market still isn't doing anyone any favors as far as future predictability, but we'll look at a couple options today.
First off, near-term, it appears we probably have at least one more wave up still remaining:"
"From there, the market has the option to put in a simple, short fifth wave -- or the option for an extended fifth. Almost every wave lately, across all wave degrees, has developed an extended fifth wave, so it's not a bad idea to be wary of one developing here."
"The extended fifth would allow a possible "resolution" higher, if it occurs, and could prelude a much larger correction -- while the market's other option would be less direct.. The other primary option here is for an extended sideways chop zone to develop. Such a chop zone would leave the high unresolved, suggesting an eventual resolution higher from said chop zone:"
"In conclusion: Recently, markets have been somewhat fractured, with RUT still well-off its high, NDX a little below its high, and SPX and INDU at new highs. This is not aiding in "predictability" here, but I'm expecting things will clarify in fairly short order. Trade safe."
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