Taken in conjunction with today’s trading, I was
likely mistaken on yesterday’s short term count. In this context the move from
1800.77 to 1808.42 looks to be a single 5 wave sequence. This would make the
rise to 1805.32 from Monday’s 1800.58 low a wave 1. The drop to 1800.77 would
then be wave A of an inverted corrective wave. Yesterday’s afternoon climb to
1808.42 and fall to 1802.97 would be waves B and C. Today the SPX moved higher
off that low, completing a 5 wave sequence at 1808.27. A sequence lower
followed, and completed at 1802.77. These are waves 4 and 5, thus completing
the inverted corrective wave. Another rise to 1807.59 appears to be a lesser
degree wave 1, which in itself was followed by an inverted corrective wave 2
which completed at 1807.04.
This count would suggest the SPX should break out
to the upside, with my target remaining between 1828, and 1845. I am not ruling
out one more push to the downside, but I see an upside breakout as more
probable.
Have a Happy Thanksgiving, and be safe.
Morning Steve......hope all is well! I haven't been around much in the past month or so....but I want to say: Have a Merry Christmas, a Happy New Year and Holiday Season to you, your family and your readers!
ReplyDeleteAll my best; J
P.S. She has reached 1828....hmmmmmmm!