The last 2 days of the past week look impulsive with only 1 brief overlap… Either this is intermediate a of major b, with intermediate b and c to follow. Or this is the start of a new uptrend, and Primary III was only intermediate i of Major 5… anticipate, monitor, adjust. Time will tell. Below I’ve posted the current preferred count on the SPX and outlined typical retrace levels, resistances and gaps. Pure TA. Nothing else. I’ve also done a TA on the INDU. The latter gives a mixed bag of signals, with a bullish weekly candle, move up from OS, retest of 50w SMA (and 200d SMA though not shown!) but MACD and FSTO not showing signs of reversal… So let’s see what next week brings. A quick and shift retrace of the past 2 days and then another impulse-like wave up sets the stage for a 3-wave decline, and lower lows are to be expected subsequently. But, 5 waves up from the 1738 low and we have a first wave up (minor 1) of intermediate iii of Major 5. Loading up during minor 2, may then be prudent…. Simple as that, IMHO.
ps: the daily SSTO indicator remains in a buy. The weekly is still in a sell.
pps: please be aware of the possibility of a Primary II fractal. Primary I went to 1370, major a of II dropped ~110 points (similar to the current drop of 1851-1738), major b retraced almost 90%, before a nasty major c took the SPX down another 300 p