On 12/29/16 the SPX completed a five wave decline from the high at 2273.80 and bottomed at a short term Fibonacci level where the supposed wave "a" = "c".
At SPX pre open 12/30/16 the DAX and FTSE are up as are S&P futures. High probability of a rally at least in the first hour. Upside daily target is the zone around .618 resistance.
Mark
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INTRADAY UPDATE at 10:13 AM -ET
The SPX rally only lasted 2 minutes before dropping and has now gone below important short term Fib support at the 12/29 bottom.
The SPX rally that topped today 2 minutes after the open could be another wave "2" up. If so it was a very shallow retrace and potentially very bearish.
The SPX rally only lasted 2 minutes before dropping and has now gone below important short term Fib support at the 12/29 bottom.
The SPX rally that topped today 2 minutes after the open could be another wave "2" up. If so it was a very shallow retrace and potentially very bearish.
Mark