Another day, another downtrending price bar on the daily cash S&P500 chart. The downward price pulse from 1520.77 continues.
Boring? Hardly. We have now reached the 1432-1438 support level laid out in my post of November 9th. Yesterday’s low was actually at 1438.53 (a half point is close enough for me). When one considers that the brief consolidation that started with the strong rally from the low on November 8 may mark Elliott wave iv’ of c’, then yesterday’s low may be v” of c’. That would imply that the entire decline from October 11th may be over. This wave count is labeled on today’s chart.
Even if we are at bottom I will not be going long; as I don’t have a technical “buy” signal yet. If the wave count presented today is correct I should have such a signal soon.
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