Level 3 (intramonth) top placed for the SP500 as of Dec 3.
As an example, PR is short the SSO (2X SP500 ETF) around 116.00 and now with a protective stop at 115.95.
A related low is due starting Dec 6 into mid the following week. A very poor close on Dec 4. The larger Level 2 (intra-year) trend can cause a recovery. Such a peak is due late Dec. However, what if that high were below the Dec 3 top.
If the Nov low is violated for the SP500 as of this month, then will consider poor performance for the start of 2019.
Thinking that during 2018 some global stock indices might have peaked for the major long-term 9yr business cycle. If so, odds are on the rise for a bear market and recession.
May roll the above example into a larger potential downtrend.