The market continued in rally mode this morning, powering to another uptrend high at 1474.51. After that high, the market corrected, falling to 1461.54 near the close.
At 1474.51, the market completed a 5 wave sequence from Monday’s 1429 low, and the ensuing correction unfolded in a 5 wave sequence terminating at 1461.54.
The most likely scenario at the moment is that an inverted corrective wave 2 is unfolding from the 1438.74 high. Three waves of this corrective sequence appear to have formed, with my target for wave 4 being the 1497 level. Another corrective wave, probably only slightly longer than today’s 13 point correction should follow, and complete wave 5 of that inverted wave. After that the market should continue higher to near 1560.
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