The SPX gapped down this morning, dropping to 1836
near the open. Today was a mirror was in a sense a mirror image of yesterday.
Whereas the index opened higher, dropped below the previous close, and then
drifted higher for the remainder of the
day, the SPX did the opposite today. After opening lower, the index moved to
new highs for this move, and then moved steadily lower through the rest of the
day.
The move to slightly higher highs for this move
was intriguing. The move above 1847 seems to decrease the probability of this
marking the end of the move from 1560. This is above the upper boundary of the
count I was looking at for that scenario. At the moment it seems more likely
that this was the end of Wave 3 from 1560, with Wave 4 now in progress. I would
look for the SPX to move lower to 1787 at this point, before making another
push higher. I will keep both options open for the moment, and see how this
wave develops.
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