Quick Market updates from Trading Room..
1. Weekly OSC is Bullish
2. Daily OSC is Dual Look Back Oversold.
3. A Daily low is near.
4. If Wednesday is a W.4 high as shown on the SPX chart, the ideal EOW-5 target is 2620.27-2607.09, the 127%-162% External Retracements.
5.What now clearly appears to be a five wave decline from the 11/7 high signals the higher time frame trend should be Bear, 11/7 should have completed a W.2 or B high, and any advance should be a correction in the higher time frame Bear trend.
6. An SPX close above 2641.28 signals a W.5 is complete and a 3-5 day corrective rally should follow.
7.The ideal setup will come in the day’s ahead following a corrective rally and a daily momentum BearRev for a continuation of the Bear trend to new lows.
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