Friday, March 31, 2023 9:43:44 AM
"....the near-term bear count in SPX hasn't quite been invalidated, but it's on the ropes."
http://www.pretzelcharts.com/
"Since last update, SPX has made the previously-favored b-wave low count seem less likely:"
"NYA has captured its first upside target zone:"
"If NYA reaches 15400-15800, then that is a very significant inflection zone, so I would be interested to see how the market reacts to it.
In conclusion, the near-term bear count in SPX hasn't quite been invalidated, but it's on the ropes. NYA is now in the process of forming three waves up, and recall that three waves can be an ABC correction. The current wave can run higher, but be aware that this can become a very significant inflection and reverse. I'd like to see a bit more from the market before calling for a reversal, but just putting that option out there for now. Trade safe."
http://www.pretzelcharts.com/
"Since last update, SPX has made the previously-favored b-wave low count seem less likely:"
"NYA has captured its first upside target zone:"
"If NYA reaches 15400-15800, then that is a very significant inflection zone, so I would be interested to see how the market reacts to it.
In conclusion, the near-term bear count in SPX hasn't quite been invalidated, but it's on the ropes. NYA is now in the process of forming three waves up, and recall that three waves can be an ABC correction. The current wave can run higher, but be aware that this can become a very significant inflection and reverse. I'd like to see a bit more from the market before calling for a reversal, but just putting that option out there for now. Trade safe."
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