Wednesday, December 15, 2021

SPX Update

Since last update, SPX found resistance in the potential resistance zone noted on December 8, and denoted on the chart by the highly technical Elliott Wave symbol:  "?".  This, of course, keeps both possibilities on the table, but there is at least a chance that the "?" high is a b-wave, which would mean we're headed back up there.  I'm far from certain of that, though, so we'll see if bulls can hold the general zone near this week's low:

No change bigger picture, so, near-term question marks aside, I continue to suspect that this is most likely still "top is closer than the bottom" territory.

In conclusion, the near-term jury is still out on the status of the current rally as a fifth wave to new highs (or whether said wave has already completed), but no change to the bigger picture. Trade safe.

No comments:

Post a Comment