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Sunday, November 20, 2016

Sunday, 11/20/16 update

The election rally has obviously lost steam over the last week.  The pattern over the last 6 trading days looks to be an ending diagonal.  With that in mind the current short term count in the ES has 5 waves up complete since the overnight low of election day:

If this count is accurate then we should see some corrective selling over the coming holiday week.  The longer term question is whether that correction is a 2nd wave as in the 1st alternate below or a "B" wave as in the 2nd alternate:

Alternate #1 - Intermediate W3 of Major W5 of Primary W3 in progress

Alternate #2 - Major Wave B of Primary W IV in progress

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