$SPX - Market Analysis for Nov 23rd, 2018

With the SPX opening lower today, price still appears setup to retest the October low where wave b of B under the blue count should hold. A break back above Wednesday's high at 2671 is the initial indication of a local bottom in place and the start of blue wave c of B. Otherwise, if price slices through the October low and continues all the way down to 2555 instead, then it is likely following the red path as wave (iii) of iii.

$SPX - Micro - Nov-23 0650 AM (1 hour)
$SPX - Micro - Nov-23 0650 AM (1 hour)
Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.