It was another gap higher open to begin the day.
After running up quickly to 1982.58, the SPX paused slightly, and then stair
stepped to 1986.24. The index then traded sideways in a narrow range through
mid-afternoon before breaking down to 1981.27. This was followed by a recovery
to 1985.07 before a dip into the close.
5 Minute Chart:
Continuing my short term count from yesterday, the
SPX followed up the inverted corrective Wave 2 with a 5 wave sequence to
1986.24. This completed as 1973.37-1982.58-1979.62-1985.06-1982.85-1986.24.
Taking the points (1973.37, 1982.58), 1979.62, 1985.06), 1982.85, 1986.24),
yields an R^2 value of .991167. The SPX then completed a sequence lower as
1986.24-1984.13-1986.13-1983.96-1985.35-1981.27, with the points (1986.24,
1984.13), (1986.13, 1983.96), (1985.35, 1981.27) having an R^2 value of .996333.
After rebounding to 1985.07, the SPX dipped slightly. Short term support is at
1977, with resistance between 1990 and 1999.
10 Minute Chart:
The 10 Minute Chart shows the wave sequence from
the 1952.86 low. So far the SPX has completed Wave 1 at 1969.84, which was
followed by a very complex corrective wave to 1955.59. I have this labeled as
Wave 2 on the chart. A sequence higher to 1979.91 followed, and then a sequence
lower to 1965.77. I currently have these labeled as Waves 3, and 4. Given this
count, Wave 5 would need to complete above 2003. There is also the possibility,
as I alluded to a couple of days ago, that these waves are still part of an
even more complex corrective wave from 1969.84, or the Wave 1 top. This
scenario may come into play if the SPX does drop to 1977 as discussed above. I
will cover this in detail when and if it happens.
60 Minute Chart:
On the 60 Minute Chart the completed Wave structures
from 1814.36 to 1985.59, and 1985.59 to 1952.86 can be seen. These are labeled
Wave D, and Wave E. Wave D completed as
1814.36-1884.89-1925.78-1968.17-1944.69-1985.59. These points, (1814.36,
1884.89), (1925.78, 1968.17), and (1944.69, 1985.59) have an R^2 value of
.999222. Wave 2 was an inverted corrective wave with the points (1884.89, 1850.61),
(1891.33, 1862.36), and (1955.55, 1925.78) having an R^2 value of .995999.
4 Hour Chart:
On the 4 Hour Chart, the entire sequence from
1560.33 can be seen. This is the sequence that needs to complete to end the
larger sequence from 1074.77. So far I count 4 completed waves,
1709.36-1646.47-1850.84-1737.92. Given this structure Wave 5 can be projected
to complete between 1957 and 2064.
2 Day Chart:
This is the Wave that most are waiting for. As
shown on the chart, 4 waves have completed. The SPX is already within the range
to complete this wave, however the smaller degree waves must resolve themselves
before it can actually complete.
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