This morning the SPX continued to move higher off
yesterday afternoon’s 1800.58 low. The index made it above 1805, and then
turned lower, just barely staying above that low at 1800.77. These would turn
out to be waves 1, and A of a 5 wave sequence to the upside. The SPX then spent
much of the rest of the day completing wave B of the inverted corrective wave
2. This wave formed 5 distinct lower degree waves, with the first carrying the
index to 1805.27. After a 2 point pullback, the SPX moved to almost 1807.
Following another small pullback the index completed the 5th wave of
wave B at 1807.79. The SPX then pulled back to 1806, rose to 1808, and then
pulled back to 1807. These formed waves C, D, and E of the inverted corrective
wave, and wave 2 from yesterday’s low. Quick moves to 1808.30, 1807.95, and
1808.42 completed the sequence at a new all time high. After spending most of
the day trying to move higher, the SPX gave back almost all of its gains in the
last half hour, dropping from 1808.42 to 1802.97. This appears to have
completed in a 5 wave sequence.
Although the SPX finished little changed from
yesterday, it still appears that yesterday’s low marked the end of wave 4 from
1746.20, with today forming waves 1 and at least part of 2 of a the final 5
wave sequence. As I mentioned yesterday, the index could still move lower, to
perhaps 1783 without affecting the 1828 final target.
I am still looking for a high between 1828 and
1845 to complete a 5 wave sequence from 1074.77.
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