Today 11/29/16 the Nasdaq Composite made a new 2016 high that was unconfirmed by the other two main US stock indices; DJIA and SPX. This combined with the VIX non confirmation, FTSE bearish pattern and evidence of a significant Copper peak indicate US stocks may have reached an important top.
The SPX high on 11/29/16 may have been the termination point of a rare Running Flat. In this formation wave (c) fails to exceed the termination point of wave (a). This is a very bearish pattern and if correct the SPX could quickly drop significantly below the bottom labeled (b) at SPX 2198.
Stop loss point for shorts is a move above SPX 2210.50.
If the SPX closes down on 11/30/16 I will post a daily SPX chart with down side price target.
Mark
The SPX high on 11/29/16 may have been the termination point of a rare Running Flat. In this formation wave (c) fails to exceed the termination point of wave (a). This is a very bearish pattern and if correct the SPX could quickly drop significantly below the bottom labeled (b) at SPX 2198.
Stop loss point for shorts is a move above SPX 2210.50.
If the SPX closes down on 11/30/16 I will post a daily SPX chart with down side price target.
Mark