Thursday, May 18, 2017 3:13:22 PM
Timing is Everything
http://www.pretzelcharts.com/
"Well, I'm pretty happy with the timing of Monday's update, and I hope my readers are too. The warning signs I began seeing last month appear to have come to fruition, and it's hard to see yesterday's decline as anything other than a micro third wave, given how relentless it was. On some markets, such as INDU and BKX, it may be a third wave at multiple degrees of trend, so this is a good wave to wait for clear bottom signals before attempting to get fancy and trade long against the near-term trend.
INDU's near-term chart shows how we may be inside a nest of (potentially) three first and second waves, which would make the current wave red iii of red 3 of blue 3/c."
"BKX was warning us of problems back on April 30. (Stockcharts is giving me grief and won't let me update this chart -- but it was labeled correctly on Monday, so there's not much to update, other than to delete the "or 2/b?"):"
"RUT was also warning us of potential problems a couple weeks ago:"
"And finally, I'm rather pleased with Monday's call for one final 4/5 unwind with a higher-high in SPX before a large reversal. Considering other markets were already showing signs of heading lower, it wasn't the easiest call to expect a final higher-high for SPX alone:"
"In conclusion, the pending reversal I warned about in Monday's update showed up, and everything appears to be unfolding as suggested. At the moment, there are no apparent signs of a bottom, and the odds are reasonable that we're only halfway through this decline. Trade safe."
http://www.pretzelcharts.com/
"Well, I'm pretty happy with the timing of Monday's update, and I hope my readers are too. The warning signs I began seeing last month appear to have come to fruition, and it's hard to see yesterday's decline as anything other than a micro third wave, given how relentless it was. On some markets, such as INDU and BKX, it may be a third wave at multiple degrees of trend, so this is a good wave to wait for clear bottom signals before attempting to get fancy and trade long against the near-term trend.
INDU's near-term chart shows how we may be inside a nest of (potentially) three first and second waves, which would make the current wave red iii of red 3 of blue 3/c."
"BKX was warning us of problems back on April 30. (Stockcharts is giving me grief and won't let me update this chart -- but it was labeled correctly on Monday, so there's not much to update, other than to delete the "or 2/b?"):"
"RUT was also warning us of potential problems a couple weeks ago:"
"And finally, I'm rather pleased with Monday's call for one final 4/5 unwind with a higher-high in SPX before a large reversal. Considering other markets were already showing signs of heading lower, it wasn't the easiest call to expect a final higher-high for SPX alone:"
"In conclusion, the pending reversal I warned about in Monday's update showed up, and everything appears to be unfolding as suggested. At the moment, there are no apparent signs of a bottom, and the odds are reasonable that we're only halfway through this decline. Trade safe."
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