SPX: 875-877 Review

From April 28, on the SPX:

"The Bulls would need to show some muscle to blast through SPX 875-877.

Here are two examples of how they could do it:

1. Sell off "some," to Blue Data Point #4, for a Bull Flag (a low that is slightly lower than the 826.83 of April 21, which is Blue Data Point #2). OR...

2. Sell off to a low that is higher than that, for a Symmetrical Triangle, then break out above SPX 875-877. A Symmetrical Triangle is "lower highs" and "higher lows." The trendlines converge (eventually meet up with each other)."

After breaking out of Example #2, The Symmetrical Triangle, which also is the Right Shoulder of the putative Bullish Inverse H&S pattern that we discussed back on April 28, the 918.30 Symmetrical Triangle target got MADE and the SPX continued higher, to SPX 930.

The Bullish Inverse H&S pattern put an upside target of 1085.17 IN PLAY, as long as the SPX trades above the 877-875 neckline breakout. On any selloff, "former resistance 'should be' support."

As always, we're trying to follow Ms. Market, as best we can. Personally, if I were trying to predict Ms. Market, I would have predicted that SPX 877-875 would NOT have gotten taken out in this time-frame. That seemed like "too much, too soon." But as we followed along after the Bearish Wolfe Wave target got MADE at SPX 826, we saw the Symmetrical Triangle break out to the upside, and we saw the SPX target of 918.30 get MADE, so that's another of many examples of how lousy I am at predicting anything. LOL.

Follow...Follow...Follow...

Unless/until SPX 877-875 gets taken down on a CLOSING basis, this chart is bullish. Below SPX 877-875, the 1085.17 target goes ON HOLD. Below the 826.83 low of the Right Shoulder/Symmetrical Triangle, the 1085.17 target is CANCELLED.