Friday, November 20, 2015
SPX Update: Double-Retrace Potential Still Alive and Kicking
There's very little to add to last update, so we're just going to look at one new chart today. The SPX chart below shows the potential for a complex double-retrace of the preceding rally. This was an option I discussed back in October, while the rally was still unfolding, and this potential is still very much on the table for the time being:
Do note that on the chart above, there are various ways we could get to 2/B, including an immediate decline, followed by another wave up to retest the zone around the 2116 high (2000-2120). Frankly, I remain somewhat hesitant to get too far ahead of the this market at the current juncture, because there are varying degrees of ambiguity across several wave degrees right now. This is not uncommon after several straight months of reasonably clear patterns -- eventually, the market has to throw a few curve balls, and we have to wait those out. Trade safe.
Posted by PretzelLogic at 3:50 AM