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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