Thursday's Market 11/14/2013

After a slightly lower opening, the SPX wasted little time before reaching a new all time high. After hitting 1784.80, the index underwent a slight correction, dropping to 1780.22. A quick move higher brought the SPX to 1790.80, and after another small correction, the index rose steadily throughout the afternoon, hitting 1791.53 just before the close.

By rising above 1791, one count that would have indicated the completion of the wave from 1074.77 was eliminated. It now appears that this market still has higher to go. At the moment I am still waiting for the SPX to complete the sequence from the 1646.47 low that may complete the larger sequence. From the 1646.47 low, the best count has wave 2 of that sequence completing at 1746.20. Wave 3 is now underway.

Given the recent run-up, a pullback at some point would not be surprising, and a move lower of slightly more than 11 points would fit nicely. But the market could continue higher before that happens.

With what appears to be several waves before this upside move concludes, it is difficult to give targets, but a move to around 1828 seems reasonable. These targets will hopefully become clearer as the wave structure progresses.