17 Dec 2014 - Bears A Fighting...

There is still life in the Bears.  The overlapping in the recent days suggest we are still in a corrective phase.  Todays move does look impulsive with the SPX moving up 40 + pts.  Regardless of the EW counts, indicators are still bearish, but if we are curious as to the label of the pattern, then you can find the scenarios below.  Remember that these counts are possibilities not definitive. 

An acceleration up / down would be the clue as to the general direction of the trend. Whether we are still in a down-trend or a CIT.  Targets of 1950 would get us to a 5th wave scenario, whereas a 1919 target would give us a Wave C scenario. 

The FED hasn't done much in terms of giving the market that needed boost to push markets higher, but maybe it just needs time to sink in. Perhaps tomorrow we will know what everyone else is thinking or feeling.

MT: DOWN
ST: DOWN
PA: DOWN