"Last update expected bulls would follow through, and they have, so far, since capturing their first "Bull: 3" target from April 26 (5200-20). Again, I didn't need to even move the label, which is nice, since it saves me approximately 6.39 seconds of work, which really adds up over time and -- if I can amass enough of these -- may ultimately allow me enough extra time for one last leisurely cup of coffee at the end of my life. Hard to put a price on that."
"As the chart above discusses, the most likely (not guaranteed, of course) pattern is still the bull pattern, which suggests we're in a small fourth wave correction now, but that SPX will go on to form an impulsive rally wave that ultimately targets 5290-5340 (okay, that target isn't on the chart because I ran out of space). As also noted, bears are not completely without options here at the infamous, if minor, Bull: 3 Inflection, so we'll stay on our toes just in case any declines start to appear impulsive. Trade safe."
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.