Tuesday, November 23, 2021

SPX (almost) Captures October Target

On Monday, SPX came within about 6 points of capturing the standing target from October 27, which also completed the fifth wave higher that was anticipated by the near-term preferred count.  For the past few weeks, I've continued reiterating "Bull: 3 is likely still unfolding," but now we finally have enough waves in place that Bull: 3 could at last be complete.

Unfortunately, that means the easy money may be over for the moment -- at least, if the fourth wave decides to become complex, anyway. 

Bigger picture, SPX came within spitting distance of the standing 4750 target:

And that, likewise, contributes to the "easy money may be over" sentiment, as that's close enough to the target zone that an alternate count of ALL OF 5 as complete at least should be kept in mind.

In conclusion, the preferred count has done its job and kept us looking higher for the past month, but the market reserves the right to get a little trickier now over the near-term.

Side-note:  Most years I don't do an update on the short trading session after Thanksgiving, as it's a holiday and I have a family -- so I wish all my readers a Happy Thanksgiving, and the updates will return on Monday.  Trade safe.

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