Friday, September 29, 2017 11:12:36 AM
SPX and RUT Updates
http://www.pretzelcharts.com/
"Last update noted that we were giving the edge to bulls, and SPX indeed made a new all-time high from there. It's been chopping around a lot since then, so we have to at least consider the possibility the blue wave 4 may be becoming more complex and could still be unfolding. I've noted that possibility on the chart below:"
"We haven't looked at RUT in a couple weeks, and since last update, RUT has validated its preferred count. This current rally has the look of an extended fifth in RUT. Extended fifths tend to be absolutely relentless while they're underway, then they reverse abruptly and sharply. But they do typically offer at least one retest of the prior high after that first sharp reversal, so if that occurs, we should have a chance to catch up with the reversal on its first strong bounce."
"In conclusion, there's still nothing that's particularly bearish about the charts. SPX could take a short-term detour if it wants, but presently we'd expect that to simply be part of a correction. Trade safe."
http://www.pretzelcharts.com/
"Last update noted that we were giving the edge to bulls, and SPX indeed made a new all-time high from there. It's been chopping around a lot since then, so we have to at least consider the possibility the blue wave 4 may be becoming more complex and could still be unfolding. I've noted that possibility on the chart below:"
"We haven't looked at RUT in a couple weeks, and since last update, RUT has validated its preferred count. This current rally has the look of an extended fifth in RUT. Extended fifths tend to be absolutely relentless while they're underway, then they reverse abruptly and sharply. But they do typically offer at least one retest of the prior high after that first sharp reversal, so if that occurs, we should have a chance to catch up with the reversal on its first strong bounce."
"In conclusion, there's still nothing that's particularly bearish about the charts. SPX could take a short-term detour if it wants, but presently we'd expect that to simply be part of a correction. Trade safe."
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