Friday, March 31, 2017 12:07:35 PM
Bull Count vs Bear Count
http://www.pretzelcharts.com/
"Last update discussed the possibility that wave 4 was completed, but also discussed the potential problem regarding the appearance of a corrective low (b-wave low). Today I've annotated a few additional charts to give traders some signals to note and signs to watch for -- and I'm going to let the charts take it from here.
Let's start with the SPX 1-minute chart, which contains discussion about several details:"
"Bigger picture, nothing to add:"
"BKX kept us looking lower right up through Monday, but there's no crystal clear outlook here just yet (one could, of course, simply subscribe to the bull interpretation of a completed correction, as long as one manages entries and risk properly -- nothing wrong with that and NOT TRADING ADVICE). The chart which follow this one will show what bears need to do if they want to keep fighting here:"
"Near-term, IF this was a simple sharp ABC down, then it has enough waves to be complete. If BKX sees another low, then the decline will be impulsive, and we'd probably have to assume a more drawn-out corrective phase was underway:"
"In conclusion, we're approaching a moment of truth for the market now, and we'll likely be able to add more confidence to the near-term bull or near-term bear interpretation fairly soon. Trade safe."
http://www.pretzelcharts.com/
"Last update discussed the possibility that wave 4 was completed, but also discussed the potential problem regarding the appearance of a corrective low (b-wave low). Today I've annotated a few additional charts to give traders some signals to note and signs to watch for -- and I'm going to let the charts take it from here.
Let's start with the SPX 1-minute chart, which contains discussion about several details:"
"Bigger picture, nothing to add:"
"BKX kept us looking lower right up through Monday, but there's no crystal clear outlook here just yet (one could, of course, simply subscribe to the bull interpretation of a completed correction, as long as one manages entries and risk properly -- nothing wrong with that and NOT TRADING ADVICE). The chart which follow this one will show what bears need to do if they want to keep fighting here:"
"Near-term, IF this was a simple sharp ABC down, then it has enough waves to be complete. If BKX sees another low, then the decline will be impulsive, and we'd probably have to assume a more drawn-out corrective phase was underway:"
"In conclusion, we're approaching a moment of truth for the market now, and we'll likely be able to add more confidence to the near-term bull or near-term bear interpretation fairly soon. Trade safe."
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