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Do Not Feed the Bears

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While the picture still appears bullish, there may be some approaching opportunities for bears to feed on.

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Next is the S&P 500 (INDEXSP:.INX) preferred count, which still sees higher prices -- though, here as well, a correction may be drawing near. Note there are two different bullish ways to view the rally structure. My preferred interpretation is shown below; another option is shown on the hourly SPX chart. Of course, the bearish ABC can't be fully ruled out yet (noted below).


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It's also possible to view the rally as a deeper nest of first and second waves. The entire correction is quite unorthodox, and thus it's pretty open how you want to view it. It's something of a moot point at this moment, as both interpretations ultimately point higher.


Click to enlarge
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