Yesterday I described the current wave structure
from Monday’s 1739.66 low as a semi-inverted corrective wave, with a target of
1776. This would be Wave E of an inverted corrective Wave 2 from the 1850.84
high, which I had targeted to complete at 1773.
Wave D of this semi-inverted corrective wave ended
yesterday afternoon at 1749.92. The first wave of Wave E also occurred
yesterday afternoon at 1755.56, as well as Wave A of the second wave, which
turned out to also be an inverted corrective wave. The SPX opened higher,
reaching 1762 shortly after the open. After a short pullback, the index kept
moving higher, finally reaching 1770.54 by late morning. The SPX then traded in
a narrow range through early afternoon, hitting 1770.78. This was Wave B of 2,
and was followed by a minor pullback to 1766.47 for Wave C. Wave D carried the
index to 1773.21, with Wave E following, taking the SPX down to 1770.55, and completing
Wave 2 from the 1749.92 low. Waves 3, 4, and 5 followed quickly thereafter, as
the index drifted higher into the close at 1773.46-1771.33-1774.06.
This would seem to complete Wave 2 from the
1850.84 high, with a resumption of the move lower probable. My target for this
entire move to the downside is 1679. While it is possible for the SPX to move
higher from the current point and still keep this wave count intact, I am not
expecting that.
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