It was another interesting day, where obviously
Friday’s rally did not continue as I had anticipated. Instead the SPX fell
sharply at the open, dropping to 1964.04. From there the index rallied in
somewhat choppy trading, cutting the bulk of its losses.
Although this wave did not play out completely as
anticipated, I am still inclined to believe that this is a convoluted wave
Thursday’s 1965.99 low that has yet to complete. My target for this wave is 1997.
A move below 1976.76 would invalidate this count. I am also still looking at
2019.26 as the completion of the wave from the 1074.77 low.
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