The last few sessions have been "watch and wait," but now some more concrete potentials have emerged from the muck. Let's start with BKX, which demonstrates that we now have three three-wave moves:
In SPX, if we get another new high, then we have a five-wave rally. That could be ALL OF Wave (5), or may mark wave i of (5). Possible targets and resistance hurdles are noted:
Finally, RUT's long-term chart cautions us not to get too far ahead of the market here -- especially since the "bear pattern" would see this rally as the right shoulder of a head and shoulders:
In conclusion, after a few sessions of near-term ambiguity, some clearer patterns and potential targets have emerged.
Beyond the market, tomorrow is, of course, a day in which we're reminded to give thanks for life, and for all that entails -- even though many things happen in the course of a lifetime that we're not thankful for. Sometimes life can be a harsh teacher, and we can be unwilling pupils -- but in the end, almost every event can serve to benefit us in some way (though not always in the way we were originally hoping), if we simply remain open to the idea that we ourselves don't always know what we truly need to allow us to move forward.
Interestingly, numerous scientific studies have found that people who maintain an "attitude of gratitude" are not only happier, but also tend to enjoy better physical health. Said another way: Science has proven that the happiest people on earth aren't the people who have what they want -- the happiest people are those who want what they have.
All that to say: I wish you and yours all the best this Thanksgiving. Trade safe.
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