Last update we talked about the potential for a triangle, and noted that the 2941 level was critical to confirm that pattern. SPX stalled just shy and reversed, revealing the "potential triangle" to be a complex wxy correction. Which means that, in the end, my initial read from 9/26 was correct. (Most of the time, my first read is the right one.)
Question now is whether the correction is over and on to new highs, or if the decline will become impulsive.
In conclusion, yesterday's low appears to be critical for bulls, as it's the dividing line between a complete ABC decline, and an impulsive decline that would suggest a larger trend change. Trade safe.
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