Monday, March 27, 2017 12:55:33 PM
Bears Still in Control
http://www.pretzelcharts.com/
"Last update noted that there were enough waves in place for red 4 to be complete in SPX, but that BKX was still suggesting further downside, and I wrote:
On the chart, the prospect that the final low is in for BKX looks a bit shaky, and a new low or two in BKX would not surprise me at all.
Apparently the BKX chart was leading the way, and during Friday's session, it became apparent that SPX was going to follow. Not only did SPX make a new low, but it made a low in such a way that the only hope bulls had was for an expanded flat, which would still point to lower prices. I mentioned this in our private forums on Friday night/Saturday morning:"
"Bigger picture, if this is NOT simply the fifth wave lower of wave c (which we will not be able to determine immediately), then prospects for an even deeper correction will manifest. We're going to have to watch this in real-time to determine if this is the case, for an additional reason: Keep in mind that the label on the charts has been "3/c," because if we see a larger 4/5, then we'll have an impulsive decline, and we'll be dealing with a rally followed by yet another significant leg down. And that could even eclipse the current low end of the price targets (high 2200's). Again, we'll simply have to determine this as it unfolds."
"BKX was pointing the way:"
"And RUT looks poised to come close to, or capture, downside Target 3:"
"In conclusion, this pattern has become a bit more near-term bearish now, and the market announced that during Friday's session. We're simply going to have to see how the pattern shapes up from here, in order to determine if an even-larger intermediate correction is underway. Trade safe."
http://www.pretzelcharts.com/
"Last update noted that there were enough waves in place for red 4 to be complete in SPX, but that BKX was still suggesting further downside, and I wrote:
On the chart, the prospect that the final low is in for BKX looks a bit shaky, and a new low or two in BKX would not surprise me at all.
Apparently the BKX chart was leading the way, and during Friday's session, it became apparent that SPX was going to follow. Not only did SPX make a new low, but it made a low in such a way that the only hope bulls had was for an expanded flat, which would still point to lower prices. I mentioned this in our private forums on Friday night/Saturday morning:"
"Bigger picture, if this is NOT simply the fifth wave lower of wave c (which we will not be able to determine immediately), then prospects for an even deeper correction will manifest. We're going to have to watch this in real-time to determine if this is the case, for an additional reason: Keep in mind that the label on the charts has been "3/c," because if we see a larger 4/5, then we'll have an impulsive decline, and we'll be dealing with a rally followed by yet another significant leg down. And that could even eclipse the current low end of the price targets (high 2200's). Again, we'll simply have to determine this as it unfolds."
"BKX was pointing the way:"
"And RUT looks poised to come close to, or capture, downside Target 3:"
"In conclusion, this pattern has become a bit more near-term bearish now, and the market announced that during Friday's session. We're simply going to have to see how the pattern shapes up from here, in order to determine if an even-larger intermediate correction is underway. Trade safe."
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