Excuse the short update today. I have been a
little short on time lately. After last week’s big decline, the SPX started
tentatively today. The index moved slightly higher, and then slightly lower
before going into rally mode.
Looking at the 60 Minute Chart, I have labeled
1985.59 as the end of a 5 wave sequence that was Wave D of an inverted
corrective wave. I had then labeled 1952.86 as Wave E of that wave. From that
point the SPX has formed a complex wave, with 3 waves up, and 1 wave down
completed thus far. It appears that the index is still in a corrective wave
from the 1985.59 high, and did not complete the correction at 1952.86. The
rally from the 1916.37 low looks to have completed a wave up followed by an
inverted corrective wave that may have ended this afternoon.
At the moment I am expecting this rally to reach
1944-1957 before ending. At that point it looks like the SPX will move lower
and test the 1916.37 low.
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