On the bullish side, a new minor degree advance may have started (black labels). The new recovery highs in $TRAN and $RUT appear to lend support to this interpretation (But ... see below).
On the bearish side, today's advance could be (c)-up of [b]-up of the correction that started in early November (green labels). Wave [c]-down may drive the market to lower lows (if a flat-like structure) or sideways (if a triangle). The negative divergence in the daily $TRAN and $RUT charts despite the higher highs appear to lend support to this interpretation.
Finally, on second thought, the correction that had started early November may or may not be minor wave 4. The implication is the possibility of a deeper retracement (beyond the expectation of a minor wave 4) without loosing the upside potential. The MTU Weekend edition will address the larger structure if necessary.
[4pm EOD] Stocks
A couple of indexes ($TRAN and $RUT) made new recovery highs beyond their Nov highs.
Most attractive tracking counts are a large upward flat as wave [b] before another decline OR an impulse up to new highs.
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