S&P 500 ~ the most bullish week of the year (Thanksgiving)...
The most bullish week of the year (Thanksgiving) didn't disappoint bulls this year. Veteran traders know that 85% of the time the markets rally during that week but, not all traders are aware that the wave count also has to be in a position to support the rally or it doesn't happen. Coming up will be the next most bullish week of the year (Christmas) also with an 85% track record although the size of the rallies are not as big on average as Thanksgiving. Our last update showed how price had completed a small "triangle" that would be followed by a quick rally. The next morning the market gapped higher and rallied to a new high in an impulse five waves. Price then fell back to the area of wave-e of that "triangle" also described in the update. We labeled that chart showing that the rally would end an "extended" fifth wave but instead only completed a smaller degree wave-[5] of wave-iii shown on today's chart. The updated chart shows th...