Since last update, SPX found resistance in the potential resistance zone noted on December 8, and denoted on the chart by the highly technical Elliott Wave symbol: "?". This, of course, keeps both possibilities on the table, but there is at least a chance that the "?" high is a b-wave, which would mean we're headed back up there. I'm far from certain of that, though, so we'll see if bulls can hold the general zone near this week's low:
No change bigger picture, so, near-term question marks aside, I continue to suspect that this is most likely still "top is closer than the bottom" territory.
In conclusion, the near-term jury is still out on the status of the current rally as a fifth wave to new highs (or whether said wave has already completed), but no change to the bigger picture. Trade safe.
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