With today’s move to a new uptrend high at
1564.91, my count from this weekend seems to be confirmed. That count had
1563.62 completing a 5 Wave sequence from 1074.77. This in turn completed Wave
2 of an inverted corrective Wave 2 from the May 2011 high of 1370.58. Wave 3
then completed at 1555.74, Wave 4 at 1562.86, and Wave 5 at 1538.57. This
concluded Wave 2 from 666.79.
From that point, the market completed a 5 wave up
to 1561.56, a 5 wave sequence down to 1545.90, and a 5 wave sequence today at
1564.91. That very well could complete Wave 5 from 666.79. This would be
confirmed with a move below 1545.90. Since we stayed above that level today, it
is still possible for the market to move higher, and also possible that we are
still in Wave 3 from 666.79.
After a flat start this morning, the market
powered higher, moving to 1564.91. This completed a 5 wave sequence from the
1545.90 low. After hitting the new uptrend high, the market sold off rather
quickly, dropping below the previous close, and hitting 1550.68 before trying
to move higher. After a small rebound, the market fell again, this time to
1546.22. At that point the market did rally, moving past 1555, and turning
positive for the day once again. After falling back to 1548, the market rallied
into the close.
If the market moves higher from here, 1565, just
marginally higher than today’s high, would be my target. If the SPX should hit
that level, the implication would be that we are still in Wave 3 from 667.
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