The SPX and ES tried twice today to enter Bear territory, but was bid up. It looks like the 2000 target will get tagged. Will it stop there? We will have to see of any confirmation for a downward reversal signal when price arrives or whether this is a full on Bull run and we just didn't see it coming. If it is, there is no need to worry because we are not after absolute tops and bottoms. We need to always play the highest probability outcome as much as some who disagree with the method. It is what has kept this blog consistent in showing trend.
The EW count that I have, does not show this move up as some have been calling it, a fourth wave. At best, this could be a sub-wave 2 or a B wave. The next count for these two options are either a sub-wave 3 or a C-wave. Both of which are expected to be impulsive (simply put).
We just need to see this rise play out and trade it to the downside once we get a confirmation through our ST and PA.
SEN: Bearish
ST: UP
PA: UP
Note: I have various levels that I am watching and I cannot rule out 2020 as I said in yesterdays blog.
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