Looking at the ES there seems to be a possible M pattern setting up. I don´t know if it will trade but it almost looks text book as per Bulkowski. Also, time and price seem to be lining up. From the May 19th high to the August 24th low and the August 24th low to the November 27th high, = 100% in time. While November 3rd was the higher high in November. November 27 had resistance at the 0.886 fib just like November 3rd, setting up a possible M pattern. Price closing above 2110.25 would invalidate this pattern. Price closing below 1998.50 would confirm this pattern The Possible M pattern has a target from 1886-1861 See link for Bulkowski´s M pattern thepatternsite.com/bigm.html
The SP500 is at an extreme with the monthly bollinger bands. The width has only been as tight as it currently is three times since 1950. The last time the BBs were this tight was 1994-1995, 20 years ago. In all thee previous previous cases since 1950. Once the SP500 made a final low it went to rally from its low minimum 29% max 256% with an average gain of 117%. In all cases the minimum correction was 28%. If the low is in great. If not where august lows get tested or a higher low, I would look to buy looking left of the chart. All bs at the moment.
elp
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Just because I believe price has a good chance to make a lower high next week doesn´t mean I am married to the idea. Here´s a snap shot of the NQ. The NQ, ES and YM all have an equal distance measurment towards the end of next week. Breaking out of the triangle to the upside is possible too.
elp
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I believe the risk is to the downside. I could be wrong 100% notes on chart.
elp
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ES March contract seems to be making a triangle.
elp
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The current monthly BB width is at a level where the previous three times the maket rallied and went on to make a new all time high. All but 2005/2006 there was a monthly squeeze. All times true strength was at a similar level. As far fetched as this sounds. If price makes new all time high and does not look back. The SPX could see a rally of 30%-100%. If like the 90´s a 250% rally. I don´t know. Just looking at the posabilities of what could happen.
elp
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If the SPX continues to correct. I believe the 1785ish level could trade. Possible setup with a killer C down to setup a sling shot pancake effect short squeeze to the upside. All speculation at the moment. Notes on chart.
elp
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Possible alt ew count, Don´t thinks August lows will be tested, but the November lows could very well be tested. invst.ly/lcvc
elp
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Time also hints at possible increased volatility in december.
elp
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Fractal line chart
elp
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Possible fractal for the SPX. Years 1949-1953 overlaid on to years 2011-2015 has similar structure and % in rally. This fractal suggests a low in December (does not have to be a lower low) then a 100% rally in the next three years if the fractal continues.