The SPX started off lower this morning, continuing
the decline from 2024.46. After initially falling to 2011.28, the index tried
to rally, but only made it to 2015.98 before turning lower once again. This leg
took the SPX down to 2001.01, which proved to be the low of the day, and then
rallied into the close.
My count from the 2024.46 high has a first wave
down at 2022.31. The SPX then formed an inverted corrective second wave that
completed with today’s first rally to 2015.98. The third wave was the
subsequent decline to 2001.01 and the fourth the rally back to 2013.11. The
index actually hit a high of 2013.87, but I see the end of the wave as 2013.11.
Given this count the target for the fifth wave is
1993-1998. Therefore I would look for the SPX to decline to that level, and
then move higher. First resistant would be near 2010 given this scenario. A
move above 2015.98 from current levels would mean that my count is wrong.
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