Prices keep pushing higher and the momentum indicators keep lagging behind. At this point we have reached another perfected TD Sell Setup and so I continue to be leery of getting the bullish fever now. Note that we are also slowly getting closer to an outright TD Sequential and Combo sell as well -- we’re on day 11 out of the required 13. Additionally the Level 1 price pulse Beta - X trend line sits at 1087.47 today. That is just above yesterday’s low and should be used as an early warning signal that the whole structure is weakening.Bottom Line: With momentum indicators failing and the Elliott Wave count showing a possible Zigzag completing, I think risk of a reversal is too high to be going long now. Still neutral (since October 9th). Here is my best guess for the end to this bull run: A decline this week to satisfy the TD Sell Setup followed by one last push up that causes a Sequential and/or Combo signal. The decline this week may very well break the Beta-X trend line but should hold above 1066.71. The final push up will then fail to break above 1108 and will conclude no later than November 6. How is that for specifics? Let’s see how much egg I get on my face!
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