The selling on Tuesday last eliminated one of the three possibilities presented in last weekends post when the ES dropped below 1416.50. That leaves the two alternates that consider that the 1459.75 high for Oct 18 represents the top of a failed 5th wave. The big question is whether that 5th wave marks THE end of the bull market that commenced at the Mar '09 lows or whether that bull has yet a bit more to run. Possibly the election results in 11 days will be the deciding factor: death & doom if the current administration retains power or a short term burst of optimism if the incumbents are sent packing.
The two alternates currently look as follows:
TOP IS IN:
MORE TO GO: