Mini SP500 Intraday Gyrations Update.

At this time it seems that the peak of November the 9th is still holding. How much longer that peak, can claim to be the last high, is up for debate.   I start with small  degree levels and at this level, moves like this can seem like mountains and deep canyons.   I can count out a zigzag decline, but that could be the start of a diagonal run as well.  Even the rally from last week’s bottom can still develop into a diagonal 5 waves, but that would mean the top trend line will get sliced in two.  The bearish option would slice the bottom trend line in two, but even that would not be good enough.

Eventually any bigger bearish move would have to trash every conceivable support price level.  The 2015 bottom would have to be the bare minimum that this market must retrace back down to. It will never happen in one day, as there are many 7% circuit breakers in many of the stock asset classes. In other words, they will just shut down the exchanges, giving any  wild market a chance to take a few deep breaths.

The SP500 is still pushing higher as I post, so anything can still happen. It may take the rest of the week for this to play out. Thursday the 23rd will be the US Thanksgiving Day, and there will be no postings during that time.