Monday, October 26, 2020

SPX Update: (Exact Minimum) Upside Target Captured...

Last update, I typed "3449" every time I meant "3549" (hopefully readers knew what I meant!) -- but other than that, no change.  The overall thrust of the last update was that it appeared SPX had formed a b-wave low, which meant that any bounce was likely to be corrective in nature.  I mentioned (in the body of the article) that the lowest price point where a c-wave rally could complete was ~3467 -- and that may be exactly what happened, as SPX peaked at 3466.46 before reversing lower.

It's still possible for wave 2/B to become more complex (or for the wave to 3466.46 to be wave 1 of C), though, so be aware of that.

In conclusion, other than to correct last update's typo, there's no material change.

Also, on a personal note:  I almost hate to do it with the election pending and the potential market fireworks that could go with it if we end up in a chaotic "nobody will concede" post-election situation scenario (likely), but I have some things going on beyond just the market (if you can imagine!) and will be taking about a week and a half off from the updates, probably starting next week sometime (exact schedule to be determined).  

Trade safe. 

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