Last Friday morning the SPX touched 2019.26, which
almost likely completed a 5 wave sequence from 1560.33, and possibly a sequence
from 1074.77, all of which I have been mentioning for several days. It is far
too early to call the rise from 1074.77 over, so it remains best to take this
one wave at a time. After hitting 2019.26, the SPX declined into Wednesday
morning completing a 5 wave sequence at 1978.63. After completing that
sequence, the index staged a rally into Wednesday’s close, once again
completing a 5 wave sequence at the high of 1999.79. That indicated at least a
pullback for today, which turned out to be an understatement.
The SPX dropped precipitously at the outset,
dropping to 1970.41. This turned out to be the first wave of a 5 wave sequence
that then completed at the close as 1975.79-1966.80-1972.65-1966.56. With a
sequence completing today at the low, the SPX should experience a bounce
tomorrow. Resistance is at 1969 and then 1977.
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