$SPX Update

Alright, given the thought from this morning (here), I believe I am going to favor the bulls to a degree here. We had this nice bearish wedge I’ve been pointing out, but it’s not really acting like a bearish wedge (you can see the wedge I’m referring to in the first chart here). They tend to break down very quickly. And we’ve had multiple days recently that were ideal for a big bull trap, and we didn’t get those either.

So, here’s the thought.

If we’re in a much bigger Green C, we may only have completed Blue 1 of that Green C. If the 1 is in, we need the 2, and we may have a good setup for that here:


If “a” of Blue 2 is done, today may have been the “b,” and we should still see the “c.” And this little bullish wedge (red structure) that formed is nice, because those have broken down a lot all year. And if it does break down, orange “c” = orange “a” right at 3900, almost to the tick. One penny away. So, the test will be this: if we do drop there, and find support, we’re probably going to keep rallying for a while. But if we have much harsher drop (we need to get all the way under the red trend line beneath us), then Green C is probably already in and we can work our way to 3000. But, I am giving the bulls an equal chance here for the moment.

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