but as i said in my last update, for the time being, i'll still give the benefit of the doubt to the boolz, until such time that the fractal count can no longer have a bullish bias.
on monday i shared this chart on another forum that i sometimes visit:
so it appears to me that today either completed wave-iv, or wave-a:iv of a more complex stucture, though i lean towards the former.
if wave-iv is complete, then wave-v is in progress... and if that's the case, it leaves us with the possibility that wave-v is all done at today's close, or that at a minimum, there are at least two more days of downward prices. if the spx takes out today's low at anytime tomorrow, then the latter possibility would be the case.
it appears that the next lower price support would be down in the 1120s, so if tomorrow turns out to be another down day, my guess would be that the spx is going to break the 1130 level, and find support somewhere in the 1120s... though depending on how hard the decline is, the next lower level of support would likely be the big roundy, 1100.
since i mentioned the 1120s, i guess it also makes sense to mention that the 1120s appears to me to be the line in the sand for the bullish case to be able to remain in tack... a break there would suggest the target of 1100, and i suggest that a price drop to that level would bring the tentative wave-d low too far into the price territory of the wave-a to continue regarding it as an upward fractal structure.
the next coupla days could tell the tale... and as always... twt.
--tsharp
