The SPX could not get below the 200 day MA as it tagged it. This has now become the support zone and we are still OB which can be risky for bears to short at this point in time. There is still a better chance of the CIT happening in Nov. but cannot rule out an early CIT based on any signals our indicators gives us.
In EW counts, I'm looking for another rise to possibly complete a 5 wave pattern of a C-Wave for a potential ending B-Wave primary or a 2nd wave primary. Both of which has an impulsive wave to follow to the downside if the count is correct.
SEN: Bearish
ST: UP
PA: NA
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