SPX Summary: I mentioned in my weekend update that we could see some choppy action with the US Election challenge on Jan 6th, but I never expected to see what is happening in Washington DC today. Perhaps I should have waited a couple more days before taking positions. That said, my upside SPX target in this Intermediate Cycle is SPX 4,400 to 4,800 before the IC Tops next Spring.
SPX short term count is cloudy and with the chaos in DC, perhaps TCL2 is still ahead of us. The choppy price action around the 10ma is making my counts difficult. My primary count is D.2 with my Alt as D.10 and my Daily chart show price rising in an Elliott Wave leading diagonal which are very difficult to trade.
SPX W.15 with a new IC High after 4 weeks of sideways consolidation.
Bonds (TLT): TLT D.21 delivered another Failed Trading Cycle today extending its move into its next ICL.
TLT in either W.31or perhaps just W.8 of a new Intermediate Cycle that has already Failed.