I apologize for not having been able to update for
the past several days, but while I have the chance, I thought it a good time to
update my counts.
Looking at the hourly chart, I had a 5 wave
sequence completed at 1626.61, and then a corrective sequence to 1604.57. I
then counted a sequence to 1684.51 as essentially the same degree as the first
two. It now appears that sequence was two degrees lower than I thought. That
high was followed by an inverted corrective wave that ended at 1676.03. Up to
that point the waves had been fairly easy to follow, but after that the waves
became quite difficult to track. The pullback of the last several days seems to
have clarified those waves. The waves became quite choppy, but the first two
moves higher can be counted as completing a sequence from the 1604.57. That can
be counted as a Wave 1, which was followed by Waves 2 and 3. Wave 4 was then
another inverted corrective wave, and finally Wave 5 to 1709.24. This is a bit
clearer on the 15 minute chart.
Yesterday the SPX completed a 5 wave sequence to
the downside at 1684.91. The action today seems to confirm that.
My target of 1776 has not changed up to this
point. It still seems like the most probable course of action for the market. With
the move from 1604.57 to 1709.24 being one sequence, there is a chance of a further
correction, so I will remain cautious, until the SPX moves above 1709.24.
No comments:
Post a Comment