|Put/Call Ratio - Daily - Speculative|
Fibonacci? Check! Per the chart below, there should be a vibration off of the 0.618 x W wave at the 3,245 - 55 level in the next few days.
|ES Futures - 2 Day - Nearing 0.618 x W|
Positioning? Check! The Commercial Trade and Large Hedge Funds are positioned against the smaller funds, and they are more short than they have been all year.
|ES Futures - Daily - Commericals shorter than ever|
Breadth? No! Uncheck! The NY advance-decline line is making new all time highs, as is on-balance volume.
|$NYAD - Daily Cumulative New High|
There will "more than likely" be a divergence at an all-time market high which is not seen yet.
Since the October up trend has begun, it has not broken a price channel to the down-side yet. Therefore, this entire up wave is being labeled as sub-wave a of Minor Y, still within Intermediate (B). A down leg for b to test the prior market highs at 3,025 would make sense and possibly provide a dip into January for some stocks to begin to diverge against. Right now, only transports and real-estate are diverging - and only slightly.
I admit to having gone back-and-forth against two counts. If the diagonal I sketched out in the last few days is correct, it could be a 'leading diagonal a wave'. In other words there are ways to see both counts as exactly equivalent.
Have an excellent Holiday!