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Pattern Recognition

The rally from Sept 3 to Nov 11 is considered to be an impulsive run by most Elliott Wave Analysts based on conventional wavecounting methods.  I still have at least 4 different wavecounts but will abide with the conventional method of wavecounting for now since there is no confirmation nor denial that any of them is the highest probability scenario:

SnP500 Daily -

Intraday -

I bought some SSO yesterday when the markets failed to produce a lower low before closing time despite the decidedly negative tapes.  

Will buy more after the 15min chart produced a 1-2-3-4-5 rally and an a-b-c pullback since the wavecount right now on the 15min chart is already an impulsve 1-2-3 run up with 90% probability a 4th and 5th will happen with $43.42 as an extended target for a complete 1-2-3-4-5 rally before an a-b-c pullback can follow.

Half of SSO buys will be for the expected Spx 1206+ run up daytrade (several trading days of rally) and the other half for positioning (for the Christmas Rally) with B/E stop loss just in case Spx actually goes for 1155 support zone (after making a pullback rally toward 1206+ level).

Spx 1155 support/run down for the 4th wave is the highest probability scenario on the daily chart.  However, SnP500 may or may not go down to that level in the next following weeks.

Good Luck