Potential for one more selling push near term and thats it. Then a wave 5 count down.
Failing threes on both daily (3 so far) and weekly (1 with another potential this coming week) and a negative week next week set up a double on the weekly.
Gonna be into December before the blow off rally, if we even see it.
I feel that SPX 1200 is the top for this market and we got within 18 points of that last week.
It may be time to sell every rally now and raise cash and keep it higher than normal. When we turn we turn hard. Once the STO and RSI reload then we will have to see how hard it can rally and that should say a lot for the future nearer term.
The RSI has turned bearish and both are running above 90% right now.