The Short-Term Risk to Bulls Is This

While I continue to believe we are putting in a lasting bottom, I will note an additional structure that I cannot yet rule out until we see much higher prices.

In addition to the bullish wedge noted earlier (and in red in the chart below), we also have a broadening plot (green structure).

SPX

IF we are still in the orange wave 4, we may go back to that good fib below us to make a double bottom to complete things. I will remain majority long with some short-term puts in case this rally is a fakeout. Sometimes just once we’re all like, “Oh, finally…that’s it,” they like to stick the knife in one more time. Don’t know if that will happen here but it might.


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