Source: thewavetrading: SPX: Follow Up of the Short Term EWP | The wave trading

I am almost on holiday and tomorrow I will not be able to post the daily technical follow up. This is just a brief comment to let you know that the Ending Diagonal idea I showed yesterday is now my prefered count.

The pattern from today´s lod suggests that price is unfolding a double Zig Zag. This pattern has an extension target at 1449.

If the Ending Diagonal plays out then price is very close to complete a Zig Zag off the November 16 low, although I am not sure how next week the Santa bullish bias can affect the assumed ending pattern.

As I have discussed for a long time the approaching top can either be the “bearish” wave (B) from the September´s high or the wave (A) of a larger Zig Zag withing the Ending Diagonal options (Break out above the September high scenarios). At the moment both options are equally possible. Until price does not complete the November´s up leg and begins a retracement there is no way to have confidence on any scenario.

Tomorrow If I see anything relevant I will post it on Twitter/Stocktwits.

Next week until January 3 I will be away. If I have time I will post a brief update during the weekend.

Just in case I wish all a wanderful Merry Christmas

Enjoy the weekend