We commented in the Nov 21 post (as of Nov 19 close) about "a possible high or small-degree wave-two or wave-B retrace with MA50 as a potential floor." in SPX. And now the SPX is at its MA50 (and the Dow its MA200).
While a (truncated) high (at the red 5) remains a possibility, the subsequent decline looks more like a corrective wave (a double zigzag) than a impulse wave (an incomplete leading diagonal), and favors a wave-B (or X) or a wave-Two. The following chart updates where we are in terms of these three possibilities.
MTU you need a finer resolution chart for the past 3 and 12 mths. I would like to see your micro count pls.
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