INDU finally completed its pattern, thereby bringing honor to its lineage. Can you believe it was already last month that I wrote about INDU's probable b-wave high? I can't. If I didn't know better, I'd swear time was accelerating.
Next up, we talked about a similar option in SPX... and that's probably what this is... but the pattern in ES adds a footnote, making this less of a "slam dunk" than it was for INDU:
Finally, the blue channel is still the first meaningful boundary, and SPX is smack in the middle of it right now:
In conclusion, as noted last week, things are a little trickier as long as the market remains in its larger inflection zone -- hence a reversal, while probably still the underdog, is not so much of an underdog as to bear ignoring it. Stay nimble until this resolves. Trade safe.
Friday's Update:
Last updates bullet points were useful, so I'm going to reprint them for anyone who missed it:
1. We are technically still inside that inflection zone, so we can't entirely rule out a pending reversal. 2. But if this breakout continues THROUGH that zone, then bulls could trigger another "all clear" for themselves. 3. Right now, it looks slightly more likely that bulls will make it through this zone. Not a given, but I personally wouldn't bet the farm on a reversal yet.
Near-term, SPX appears to have two main options -- up now, or up a short time from now:
Note that the targets on the above chart would be for the current micro wave 3 -- that would then be followed with a small correction in 4, and likely still higher prices in 5.
Nothing's changed on the bigger picture:
Beyond the near-term targets, not much to add from recent updates. Trade safe.
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