Over the weekend I mentioned that I was looking
for three waves higher from Friday afternoon’s 2010.77 low to complete a 5 wave
sequence from the 1820.66 low. The SPX opened slightly higher, and then chopped
its way up to 2021.49. From there the index pulled back to 2014.17 before
moving to a new high at 2024.46. Once reaching that level, the SPX then moved
lower for the rest of the day, before bouncing slightly higher into the close.
I was looking for something like 2028-2019-2035 to
complete this sequence, but the SPX did not quite reach those targets,
completing the last three waves as 2021.49-2014.17-2024.46. This does look to
complete the sequence from 1820.66.
I would be looking at a preliminary target of 1943
for this decline. A move above 2024.46 would mean that the near term top is not
in yet.
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