E-Wave for the S&P 500 Index

[RCKS]

"... last update's lean toward another new low proved correct and bears have again done what they needed to. While I can't entirely rule out all the near-term bull options just yet, they appear to be considerable underdogs."

"Last update noted that SPX turned where it needed to, and within 8 points of its upside target -- and the bear count for the decline to make another new low was given as a "slight favorite." That new low has since happened, so things are looking as rosy as they can for bears at this point."



"Everything looks pretty good for Blue 2, but I always look for other potentials in case of error, which we'll discuss on the next two charts. First, SPX is back to the red trend line:"



"Second, the black diagonal can't be entirely ruled out just yet, but it's probably a heavy underdog:"



"In conclusion, last update's lean toward another new low proved correct and bears have again done what they needed to. While I can't entirely rule out all the near-term bull options just yet, they appear to be considerable underdogs. Trade safe."