Nothing Broken – YET - Market Analysis for Dec 9th, 2019
By
Avi Gilburt
As of my writing this update, there is nothing that suggests that the bulls have relinquished control over the market just yet. And, as long as we hold over 3130SPX, the door remains open to the higher target we discussed over the weekend.
However, if we do break below 3130, I am going to slightly modify lower support down to the 3065SPX region, wherein we would have an a=c pullback, as presented in the dark green wave 4 on the 5-minute SPX chart. So, until we are able to break down below 3065SPX, the market will still retain potential for that additional 5th wave higher move.
Should the market be able to break below the 3065SPX support region, then it would point us down towards the 3020/30SPX support region below. And, such a break would put us squarely in the blue/purple counts, and likely point us down towards the 2900-2950SPX region, but likely after another b-wave corrective rally.
So, as of my writing this update around 2PM on Monday, the market has given us no indication that it is highly likely that we have begun a pullback to the 2900-2950SPX region just yet. And, until we break below 3065SPX, a push up towards the 3200SPX region still remains on the chart sooner rather than later.
