The cycle low date is November 25-27 (see potential cycle lows to the right). These often come +2 days (like it did at the August low). That would put it at November 29. With the Thanksgiving holiday, I am anticipating (though have no idea) that the cycle low might come in a bit late around December 1-2. Target wise, I am still conservatively looking for the 21 EMA area. In a more bearish scenario, we would be around SPY 192 by the cycle low. I am staying conversative, of course, because the intermediate trend indicator is still bullish.
I added another countertrend short here. As explained, this is countertrend into the various scenarios and not a bearish thesis trade. Countertrend can be hit or miss (depends how the correction comes in-deep, sideways, or upwards). It is countertrend because the intermediate trend is still bullish (see indicator to the right). Chart:
There is always a bull path and a bear path. We cannot know which path our future will choose. As always, do your own due diligence, read the Disclaimer, and make your own investment decisions.
Peace, Om,
SoulJester
