I hope everyone had a great holiday and didn't over eat like I did... LOL. I did a chart update on the wave count Thursday night before the food in my stomach finally put me to sleep. I knew I wouldn't feel like doing one Friday morning. On this chart I show the medium B wave up (mB) as complete, but the door is still open for them to run it higher of course if the want to. They will have to get past the light blue falling trendline on my chart, but even if they do I still don't think we are going to see some new all time high. A lower high is the most we should see I think, and ideally we see it hit that blue trendling and rollover to start what I think will be a small wave 3 down inside a medium wave C, which should all end by Tuesday of next week at the latest I think.
Once complete it should end a large wave 2 down and then the large wave 3 up should take us into the new year. I covered that on Wednesday update so I'm not going over it again today. Remember that the market closes early, which I think is 2pm EST, but it could be 1pm EST... can't remember. It should have light volume and be the last day for a short before a bigger drop happens. Not much else to add, so I'll keep this update short and wish you all a great weekend.
This morning we see the futures lost the support zones from the rising purple trendline and dashed yellow trendline. It will be resistance on the way back up now for sure, and I see a FP on the SPY for 465, so that's the target to look for when we do rally for what still should be the small wave 2 up inside the medium wave 3 down. I guess it was wishful dreaming to think we'd get the ideal short from the falling light blue trendline, but we all know they never make it easy for the bears. That's the only changes really from what I already wrote... just the bounce level.