Schnauzel
Long

SPX - Short term bottom is in place

SP:SPX   S&P 500 Index
(This is an update from my previous post)

With most oscillators now oversold, the stage is set for the last leg of the second wave. This C wave, part of an irregular flat construct, will at minimum erase the preceding B wave, and probably overshoot it. A . 618 retracement should provide a reasonable target. If the low is indeed in place, 2160 is the number to watch. In terms or timing the A wave lasted 8 trading days, so did the B wave. So we can expect the C wave to last somewhere from 8 to 16 days.
Although this count does not rule out a test of today's low (11/1), which would create a double bottom, anything lower than say 2090 would make me doubt of its validity. On the upside, the yellow line (it's continuation) should prove to be the first resistance on our way to 2160.
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