I'm focusing on the SPX
intraday wave count because within the last two trading days the wave count has become much clearer. Note that from the bottom made on 11/23/16 a clear extended five wave pattern is near completion. About a three to five point decline followed by a rally to a new high will complete a larger five wave pattern from 11/14/16.
The 15 minute MACD
Histogram has a bearish
divergence. The RSI
is in the overbought zone and may require a bearish
divergence before the final top is in place.
As noted in my last post the SPX
has resistance in the 2212 - 2219 area. All the pieces are coming together to what may be at least a 5 to 6 % decline in the next several weeks.