The SPX opened higher, moving up to 1973.35. After
pulling back to 1969.02, the index resumed its climb. These first two moves
were consistent with the targets given yesterday. From that point the SPX
strayed slightly from my forecast, as the wave became more complex than expected.
Since Wave 2 of the wave from the 1951.37 low was a complex inverted corrective
wave, I expected Wave 4 to be a simple wave. It looks like it instead was also
an inverted corrective wave, which carried the index to 1983.68 before
completing at 1980.35. The final move higher today likely completed the
sequence from 1951.37.
Short term the SPX could experience a pullback at
the open tomorrow, with support at 1979, and then 1964. If 1979 provides
support, the upside target from there would be 2010. If the index falls back to
1964, 1996 would be my target.
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