 Hello, this is Tom Pazity with Trading on the Mark. For this week, I thought we'd take a look at the S&P 500 to get caught up on equity indices in general. Pretty much been an interesting last couple of weeks, so I figured it's a good time to get caught up on the equity indices. If we take a look at the weekly chart here for context, we can see that there has been a decline off of the July high in a five-way sequence that I'm calling a leading diagonal, and why that nomenclature is important is that there is a little bit of overlap between wave 1 and wave 4, and in a typical impulse wave there should not be overlap between wave wave 1 and wave 4. However, it is allowed in a leading diagonal, so I think this could be the first impulse down, though there is another way to take a look at that, and I'll come to that shortly. But we were forecasting a drop into late October and a reversal up and a start of, let's just say, a Santa Claus rally up into December, and I think that is on now, obviously last week was pretty impressive, and I do think that it might be, the Santa rally could be, let's say, front-loaded, that we saw a fast, a furious move up off the October low up this last week, this week starting to stall out a little bit, and that might, I think, kind of still kind of hold up through the end of this week with a minor retrace, but a push-up into early next week, and then I'll describe why I think there might be what the catalyst could be for a retrace. But before we get to that, let's talk about what the alternative is. So the primary is a rise up into a corrective way for a lower high in December, an alternate, and I'm using the NASDAQ for this because I think it has a better case for the alternate, and that would be that there is a new high over the July high in late December, and that is just because while this has the same overall overlapping form, which could be a leading diagonal, but also could be just a corrective move, and here we see that this correction, or in this case, correction didn't pull back as much as it did in the S&P, so I think there's a, if we wanted to say that a new high over that of July, I would point to this chart as baking a better case for that. As to which one wins out, I'm not sure. I'm going with the lower high for idea for now, but if we do get a new high in the S&P in late December, I won't lose any sleep over it. It's in the grand scheme of things, it's relatively minor difference in that whether we have a, the overall correction is either complete in the case of the S&P, or maybe not complete in the NASDAQ, but the implications for next year are the same, in either case would be a pretty deep retrace, but again, let's, all we care about for right now is what happens over the next several weeks into December, and the net direction should be up, looking at a daily chart. So on the daily chart, you could see that I've labeled both the primary and the secondary wave counts here at the primary and black, wave one down, a wave two retrace, wave three down, a wave four retrace, and this is where we have the overlap between wave four and wave one, which again, typically is not what you, what you want to see in an impulse wave, but in the very first impulse wave is possible in a leading diagonal, then a, a new low late in October, and this is for overall wave one down, or if we use the count in blue, an A, B, and then one, two, three, four, five, four, a C of four. So they both, they both have similar implications, the difference between them is that in the primary count, once all things are said and done, we will end up with a lower high to July. In the alternative count, we will get a, you know, slightly higher high to that, that of July. We'll be able to work with either one of those. And again, the future implication from both of those is the same in that we would expect a week 2024. But again, first things first, let's deal with the first, let's deal with the first, you know, the next couple weeks before we start worrying about what is in the next three months. Looking at an intraday chart, a couple things to point out here is that the Monday was a very tight-range day, not much happened. Tuesday we had a little bit of a, of a breakup out of that consolidation into resist. Pretty much we could see the resist from the prior highs back here from last month. Also overhead is a gap fill at 4402. I think both of these, you know, give us a give us a bit of a retrace either on Wednesday or, you know, maybe on Thursday, if it drags it out into, you know, trying to poke up at these prior highs again. But I like the idea of a retrace starting on Wednesday, maybe extending down into Thursday, doesn't have to be fast. It could be, in fact, I would expect it to be fairly, fairly slow. An overlapping move, a three-wave move down. Maybe we get this first gap filled out of it, but I don't think it'll be very deep. And then a pushback up either into maybe a Friday, but probably up into Monday of next week. Now, why is that interesting? Other, aside from the next inflection points here being on the ninth and also not listed on the chart, but I put it out on the, on the notes here that the next inflection point of that is early next week or Monday. What's interesting about that is that the next major econ number will be CPI on Tuesday of next week, and that is what could be a catalyst that would get a retrace started. And if the bears are going to get anything done over the next, next, say, week or two weeks, it's going to be this opportunity to use the CPI to get a retrace into right before the week of Thanksgiving. That would be November 16th, or if it pulls it down into 1120, this is the Monday of the week of Thanksgiving, Thanksgiving being used holiday. And why that is important is, is that the, is that the, the week of Thanksgiving is very, very often very positive. So this would be a great place to get a low to base and to start to rally into the Thanksgiving holiday proper and the Friday of that, which is a half day, but that would be a great place to get the rally started, to have the rally resume into early December. And with that, I think we have pretty much all the points that I wanted to talk about. I hope you have, hope you trade well and until next time, take care.