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SPX and INDU Updates: Rally Poised to Capture Monday's Target


New highs are still expected north of SPX 1480. The main question still on the table is how we get there.


And finally, an attempt to project the market's short-term path in painful detail. Note that this particular chart only examines the short-term option of wave (c) of (4). A marked deviation from this path would suggest the other options as discussed.

Click to enlarge

In conclusion, the big picture outlook has remained unchanged for about a month, and still expects new swing highs beyond 1480. The short-term outlook captured the recent bottom near 1425, and the market now appears poised to capture my first target zone of 1444-1448. Over the next few sessions, we'll gain additional insight about whether the 1425 low will hold for the intermediate term or not. Trade safe.

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