Yesterday I said I was expecting one more move down to 1318 to complete a 5 wave corrective sequence from the 1374.81 high. I also said there was a count that showed a completed sequence, with a continuation of the uptrend in progress. 1342 was the level I was looking at. I was looking for a move to that level, and then the move down to 1318. If the market moved above that point, the uptrend was continuing.
The market opened higher, and soon moved past that critical 1342 level, to 1347.5. After a small pullback, the market spiked higher, to above 1352, and then drifted higher for the rest of the session. In the last hour of trading, the market hit its high of 1357.70, right at my 1357-1358 resistance level.
The market has now completed a 5 wave sequence from 1374.81, at 1325.41. I have been calling this wave 4 of wave 3 from 1267, but I have voiced my reservations about that labeling for some time now. Ever since the 1306.62 low in early June, the wave structures have been pretty complex, and were starting to give rather high projections. I have felt for some time that a more complicated larger wave structure was developing and that at some point it would reveal itself, bringing the projections back in line with the 1393 original projection for wave 3 from 1267, and then 1426, or 1497. I think the market is starting to reveal that structure. I will be addressing that in more detail over the weekend, but for now, suffice it to say that the market is now on track to move up to 1393.
The current move should finally take the market to 1393, completing wave 3 from 1267. Support is at 1337, 1326-1323, and 1315-1313. Resistance is now at 1367, and then a cluster at 1387-1397.
No comments:
Post a Comment