Last update noted that, though my faith had been shaken, I was still very slightly leaning toward another wave up. As of this moment, the futures market is indicating a big gap up at the open (still 5+ hours to go, so that could change of course); since that matches my lean, I'll presume we get new highs one way or another. Assuming those new highs occur, that will suggest two possible rally outcomes, discussed on the second chart below (COMPQ).
SPX first, though. If SPX can sustain a breakout, it would still imply a trip 5940-70, as discussed on Oct. 28:
Next is COMPQ, which lays out the options, including a more-bullish potential pattern, simply because it can't be ruled out yet:
In conclusion, it appears the market will finally get another wave up. We have some initial target zones to watch, assuming that happens, and a line in COMPQ that might suggest a longer bullish run. Trade safe.
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