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Saturday, November 21, 2015
MTU Weekend Ed. - Extension or Truncation (11/20/15 close)
... draft in progress, subject to change ...
SP500 has rebounded smartly from its mid-November pullback low (Chart 1). We track the rebound as a B wave on the bearish side (Chart 1, red) or a 5th wave on the bullish side (Chart 1, green).
If the bullish wave 5 does not extend (as in Chart 2 green), it is possible to count the rebound as complete, resulting in a 5th wave failure (see Chart 2 blue and Chart 3).