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TheWaveTrading

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TheWaveTrading

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SPX: Follow Up of the Short Term EWP

I am almost on holiday and tomorrow I will not be able to post the daily technical follow up. This is just a brief comment to let you know that the Ending Diagonal idea I showed yesterday is now my preferred count.

SPX 30-Minute Chart
Larger Image

The pattern from today's lod suggests that price is unfolding a double Zig Zag. This pattern has an extension target at 1449.

SPX 5-Minute Chart
Larger Image

If the Ending Diagonal plays out then price is very close to complete a Zig Zag off the November 16 low, although I am not sure how next week the Santa bullish bias can affect the assumed ending pattern.

As I have discussed for a long time the approaching top can either be the "bearish" wave (B) from the September's high or the wave (A) of a larger Zig Zag withing the Ending Diagonal options (Break out above the September high scenarios). At the moment both options are equally possible. Until price does not complete the November's up leg and begins a retracement there is no way to have confidence on any scenario.

Tomorrow If I see anything relevant I will post it on Twitter/Stocktwits.

Next week until January 3 I will be away. If I have time I will post a brief update during the weekend.

Just in case I wish everyone a wonderful Merry Christmas.

Enjoy the weekend.

 

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