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Saturday, November 5, 2016

Saturday, 11/5/16 update

The current preferred count is that the ES/SPX is in the later stages of a double zig-zag correction that commenced at the August highs.  Short term proposed count looks like this:

From a longer term perspective it appears that the ES/SPX is either in Primary W IV of the bull market that dates back to Mar '09 (1st chart below) or is still building Major W5 of Primary W III of that structure (2nd chart):

Alternate #1: Primary W IV in progress

Alternate #2: Major W5 of Primary W III in progress

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