The market turned lower today, somewhat
unexpectedly for me, after its recent gains. I had expected the market to
continue higher, given my wave count, but that was not to be. But this move
lower does not alter the longer term scenario from 1538.57. As long as the
market stays above 1567.97, this wave count will remain intact.
This morning the market continued the decline off
yesterday’s high. The SPX fell below 1587 at the outset, and after a minor
bounce continued down, almost non-stop, to 1579.97. After that the market tried
to recover, moving in stair-step fashion above 1588. A pullback to 1584
followed, and then another move higher to 1588.48.
The decline from the 1597.35 high completed a 5
Wave sequence at 1579.97. The recovery from that point looked like a resumption
of the uptrend. I still see this as Wave 5 from 1538.57, and should complete
above 1621. I will elaborate over the weekend.
Thank you.
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