Morning Update: SPX Futures signaling a more muted rally if at

Overnight the SPX futures declined to the point where both the minor wave iv low of one lesser degree, as well as, the wave 1 top were breached. This leaves only an ending diagonal for our c wave of “a” of B.

Since we bottomed on November 17th at 3912.50 price has advanced in an overlapping manner. This type of pattern portends an ending diagonal which typically means price will return to where the diagonal began...which is 3912.50. That could be the start of our “b” of B wave low as depicted above, or a larger diagonal as depicted in purple. This larger diagonal becomes the primary count with a breach of 3988...with “b” of B taking precedence below 3900.

www.tradingview.com/...11-28-22-Smaller-ED/

It is still my preference for OMH, however, I do not believe this rally now has the strength to get into the 4100 area without a more pronounced decline and consolidation. I am targeting 4060-4072 area for OMH if this is what price intends to do. Our parameters for a more pronounced decline are listed above.

Best to all,

Chris