The longer-term odds are still in the bears camp as long as the Transports do not make a new high.
The Russell has retrace about 50% of the recent sell-off, well with-in the bounds of a 2nd wave retrace.
Click here for a live, and updated chart!!!The SPX did make a new high this morning invalidating the 1-2 down I had in question marks. After checking out the other major indexes, I still believe odds are best that the Russell and the Transports have already topped, the Nasdaq, iffy, and the SPX in the process, BUT this needs to reverse very soon before breadth starts increasing from the current reading of 3.08:1, advancers.
Hey Michael - hope all is well. What do you think about a running triangle where SPX 1278 is iii; wave a 1261; b is 1296 and e is where you have 4 - this would explain the thrust higher today which in the ES is about .618 of wave 1 using the pit session only. This would also mean that we top very soon and the divergences in the BKX, Nasdaq and Trans remain. Any thoughts. thx.
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