SPX, NYA, COMPQ: market reacts to known resistance

The latest update came out quite timely as several markets reached resistance areas and warned that this could trigger a correction – which is exactly what happened. Most interestingly, Elliott Wave paved the way for this correction long ago through COMPQ, and we were able to spot the resistance area before the market came, even without looking at the classic trend lines of TA: Short term support and Resistance chart was useful again: NYA responded to the main trendline for the fourth time in a row (or responded to alternate number, labeled "alt. 5", not moving since April 7 if you prefer): Larger view, SPX still at top One of the following main support areas: A slightly different angle: Finally, it's possible Keep it simple: The market is currently in a significant downtrend in the short term, so the first step for bulls is to exit the downtrend. channel (with a break above the black trend line on the short term SPX chart; second chart). If they can, they can make a bigger recovery – but until they do, the market will remain in a downtrend. Act with confidence. The original article and more can be found at http://www.PretzelCharts.com. Read more

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