20 Jan 2016 - Oh So Close..

I was looking for 1800 in the SPX which was 12.29 pts. off.  While the rally look to turn things around, the market sentiment and direction has not changed.  The volatility and over-reaction is not something to be surprised about.  If this is just a release of downside pressure, it surely did a good job.  But damage in an EW count has been done.  The scenario that this possible move down was a W-2 of a final push higher is now nullified.  It's not to say that this is not a possibility, but the count will now have to be prolonged as the higher chance of a count will belong to a 4th wave C before a push higher into ATH territory.  But because I am bearish I am only labeling the chart with bearish counts for now.

No matter what the count is, the signal will be the one to follow.  Be aware that the signal is still OS,..

SEN: Bearish
ST: DOWN
PA: DOWN