Since the SPX hit 1882.35 on March 11th,
the index has been in a protracted corrective wave that contained many twists
and turns. This wave seemingly started off as a simple corrective wave, turned
quite complex after dropping to 1839.57. But this complex wave may have ended
today at 1837.49.
The most apt description of this wave is a
semi-inverted corrective wave. Wave A came quickly with a drop to 1854.38. Wave
B was the wave that at times seemed too complex and unusual, but eventually
managed to resolve itself with the all time high of 1897.13. Wave C ended
Friday at 1863.26, and was followed by an inverted corrective Wave D which
ended yesterday at 1852.77. The drop this morning to 1837.49 would seem to
complete Wave E, and a 5 wave sequence from the 1882.35 high.
It is now likely that the SPX will again move
higher, reaching that 1909 minimum target I have talked about previously. A
move below 1837.49 at this point would indicate something else is occurring,
with another sequence lower to come.
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