The elephant in the room that goes unmentioned is the 3 week negative divergence in NYSE cumulative advance/decline at the all time SPX price high in early September. This is essentially the same setup seen in October 2018 with the spx declining into an ideal EW target for an expanded flat over Christmas. The similarity is profound both are election years, both have divergent momentum at new ATH in the second half of the year, and both display a 3 week divergent cum. AD line at said ATH.
Now for the crazy part - Is this a wave 2 correcting the rally out of SPX 667 low?
An Elliott view would point to both as B waves of irregular flats at new all-time highs. The difference being in the wave position I have 2018 as the second 3w - 4w of an extended wave 1 out of the '09 low and the 2019 rally as 5w into the early '20 high completing wave 1. Std measurement for an irregular(expanded) flat would have the market undercut its 2020 low by a wide margin as it did in 2018. The ideal target centers around a retest of the double top formed '00 and '07.
2020 - a year most would feel can't end soon enough may get even more tumultuous.
Chem