Friday, July 3, 2015

Thursday's Market 07/02/2015



Opening decisively higher the SPX pushed to 2085.56 within the first half hour of trading. The gains were short lived, as the index then moved lower. The initial gains were quickly erased, with the SPX hitting a low for the day at 2071.31. The SPX then drifted higher into the close.




From Tuesday’s 2056.32 low the SPX rose nearly 30 points to today’s 2085.56 high. The wave structure from that point indicates that this move is not yet over. The first rise to 2074.28 can be seen as a wave a of a 5 wave corrective sequence. From there the index formed an inverted corrective wave b as 2074.28-2062.12-2078.32-2068.57-2085.06-2071.31. The target for the completion of the sequence from 2056.32 is 2106.58. After that the SPX should once again turn lower.


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