Looks like the market confirmed the end of the five wave count I was tracking since 12/18. If wave -iii is truly underway, then a buying opportunity should be coming up within the Fib levels. As of today's close, looks like its pretty close.
Things to consider though is the fact that the market closed below the 50 day SMA and is sitting just above the 200.
We'll see how the market reacts tomorrow. I may be looking to go long tomorrow for a trade in preparation for the new year. Buying near 2050 would be nice since it would make for a 38% retrace and a backtest of the gray descending trendline.
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