Looks like the ending diagonal played out as I was suspecting. So far the break down from the ED looks like five little subwaves for wave a of 2. So I expect a wave b bounce may test the underside of the ending diagonal before a wave c down to complete wave 2.
Some targets for wave 2:
1. The 50 day SMA near 3700
2. The 3600-3700 zone testing the breakout area during the Thanksgiving week.
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| SPX - Daily |
Here is the close up of the ED and the mini five subwaves for wave a of 2.
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| SPX - 60 Min |
