Although much more subdued, the cash S&P500 index formed another uptrending price bar on the daily chart Thursday. The price pulse upward from the low on 11/26 at 1406.10 continues. Both volume and price movement decreased on yesterday’s move, a possible sign that interest in the immediate move is fading.
Not much to add today. As you know I am always looking at possible wave counts in real-time. As we have been speculating on whether the action from the July high is an a-b-c-d-e contracting triangle or an a-b-c expanded flat, today I present a count that has the entire move down from the 10/11 high as an “Ending Diagonal” (also known as a “Terminal Impulse” or “Ending Diagonal Triangle”) pattern. This would mean that the move from the July high to the August low was “a”, the move up to the October high “b” and the Ending Diagonal shown today the “c” wave in a large expanded flat. Just food for thought.
I will try to update the new monthly and weekly charts over the weekend.
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