I actually agree with most of this!
Therefore, I will reiterate that this rally to a new all-time high can also be a corrective rally. What I need to see is a corrective pullback from this all-time high, followed by one more higher high to complete 5-waves off the 4270 region low. Thereafter, we will see another larger corrective retrace back towards the 4400-4500SPX region (the next buying opportunity after a 5-wave rally has been completed), and only then will the market likely be primed to begin the rally to 4900+.
And, until such time as we complete that 5-wave structure, there still remains potential to revisit the 4270SPX region one more time before we begin the next rally to 4900+ into next year. The nature of the next pullback will provide us with the evidence we need to distinguish between these two near-term potentials. Furthermore, I am now assuming that by the Thanksgiving holiday the market will have likely provided us with a strong pattern that will provide us with a high probability and trackable structure pointing us to 4900+ into the first quarter of 2022. So, I am going to be maintaining just a bit more patience before I determine where my next buying point will be before the rally to 4900+ begins in earnest.
https://seekingalpha...ll-about-market
