Friday, May 05, 2023 9:36:29 AM
"....last update thought the pattern begged more downside and that happened -- now the market has reached support, so bears need to keep pushing and break that support. If they can't, then Red 2 (second chart) will stay on the table."
http://www.pretzelcharts.com/
"In the prior update, I wrote:
NYA is interesting, because, unlike SPX, it did not make a new high, instead making a slightly lower low. This suggests that these markets need at least a little more downside
That read came through, and the markets delivered more downside -- in fact, both SPX and NYA declined right to their downside inflection zones (even though anyone not well-versed in Elliott Wave probably thought my placement of the red horizontal line seemed arbitrary!):"
"SPX also tested/is testing its important trend line:"
"These are important tests, and bears need to come through, since we can see on the near-term SPX chart that the decline has taken the form of three waves so far:"
"In conclusion, last update thought the pattern begged more downside and that happened -- now the market has reached support, so bears need to keep pushing and break that support. If they can't, then Red 2 (second chart) will stay on the table. Trade safe."
http://www.pretzelcharts.com/
"In the prior update, I wrote:
NYA is interesting, because, unlike SPX, it did not make a new high, instead making a slightly lower low. This suggests that these markets need at least a little more downside
That read came through, and the markets delivered more downside -- in fact, both SPX and NYA declined right to their downside inflection zones (even though anyone not well-versed in Elliott Wave probably thought my placement of the red horizontal line seemed arbitrary!):"
"SPX also tested/is testing its important trend line:"
"These are important tests, and bears need to come through, since we can see on the near-term SPX chart that the decline has taken the form of three waves so far:"
"In conclusion, last update thought the pattern begged more downside and that happened -- now the market has reached support, so bears need to keep pushing and break that support. If they can't, then Red 2 (second chart) will stay on the table. Trade safe."
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