Tuesday Night Quickie
Tomorrow might bestow us with the opposite of what everyone seems to be expecting:
The pattern currently looks incomplete and would ‘look’ best if we tested SPX 1000 and then either dropped or continued to the upside. Of course a continuous drop from here is not impossible but we would need to see a breach of today’s 992.40 low – preferably a breach through 990 as it would trigger a lot of stops. Should that event occur I don’t see much support until around 985 – 980.
BTW, IF we would rip higher tomorrow – let’s say all the way to 1010 – and then start dropping, guess what infamous pattern we would be painting? 😉
I have a hard time counting this chart but it seems to me that we painted a clean (and much larger than expected) motive wave. A little consolidation into 78.9 might be on the table for tomorrow, after which we should see a continuation of this uptrend.