Last update, I indicated that I thought another low would best fit the pattern, and that happened almost immediately. At this point, it's a tougher call, but I'm still very slightly leaning toward another low. I'm basing this on the micro-micro pattern, though, and sometimes that can be sketchy, so we'll see how it pans out.
Bigger picture, we're STILL stalled at the inflection point I mentioned way back in July -- so, if nothing else, big "hit" on identifying that point. Now, what we have at present is a three wave rally off last month's low. That means that either that rally completed at the recent high and will (ultimately) head back below 2822 from here, or the rally is still unfolding. On the big picture chart, the red trend line is really the only semi-meaningful support zone. Everything that happens between that and the all-time high is basically noise.
I also stumbled across this old support and resistance chart while leafing through my chartbook, and since it's still performing surprisingly well, thought it worth sharing again:
In conclusion, there's nothing much to add from an intermediate standpoint, and we're still stuck in a noise zone. Trade safe.
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