AI
Wednesday, September 01, 2021 9:48:23 AM
"....bulls would like to see this back test of black hold for the near-term."
http://www.pretzelcharts.com
"On August 25, I wrote:
Wave iv (not its real name) could, of course, become even more complex -- but that may have been enough chop for now. A sustained breakout over black likely gets us to at least 4530-50, possibly much higher if 5 chooses to extend.
And, after the prescribed breakout over black, that target was captured on Monday, with SPX tagging ~4537. This has left SPX in an interesting position:
(Note: Typo -- should read "4480-4495"! Not "4480-4995," for crying out loud.)"
"Bigger picture, we may finally be getting close to learning if this wave wants to extend or not:"
"NYA still hasn't managed a breakout over the first red line, so that's relevant for now:"
"In conclusion, the "standard" fifth target zone of June 7 (4480-4550) has been almost fully captured now, placing SPX at a decision point (see first chart). While a whipsaw of black wouldn't be the end of the world for bulls (see smaller subdividing bull 1 of iii of (v) option), it could be a warning of more bearish things to come, and thus harder to trade -- accordingly, bulls would like to see this back test of black hold for the near-term.
On an unrelated note, this year marks the 20th anniversary of 9/11, and I can highly recommend National Geographic's new 9/11: One Day in America miniseries. My wife and I have almost finished watching the series, and it does justice to the great men and women who suffered through that tragic day.
Trade safe."
http://www.pretzelcharts.com
"On August 25, I wrote:
Wave iv (not its real name) could, of course, become even more complex -- but that may have been enough chop for now. A sustained breakout over black likely gets us to at least 4530-50, possibly much higher if 5 chooses to extend.
And, after the prescribed breakout over black, that target was captured on Monday, with SPX tagging ~4537. This has left SPX in an interesting position:
(Note: Typo -- should read "4480-4495"! Not "4480-4995," for crying out loud.)"
"Bigger picture, we may finally be getting close to learning if this wave wants to extend or not:"
"NYA still hasn't managed a breakout over the first red line, so that's relevant for now:"
"In conclusion, the "standard" fifth target zone of June 7 (4480-4550) has been almost fully captured now, placing SPX at a decision point (see first chart). While a whipsaw of black wouldn't be the end of the world for bulls (see smaller subdividing bull 1 of iii of (v) option), it could be a warning of more bearish things to come, and thus harder to trade -- accordingly, bulls would like to see this back test of black hold for the near-term.
On an unrelated note, this year marks the 20th anniversary of 9/11, and I can highly recommend National Geographic's new 9/11: One Day in America miniseries. My wife and I have almost finished watching the series, and it does justice to the great men and women who suffered through that tragic day.
Trade safe."
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
