A lot has happened since Wednesday’s
1949.52 high, so I will get right to it. To review, I had labeled 1949.52 as
Wave b from 1979.64. Wave c then completed at 1932.57, Wave d at 1920.60, and Wave e
at 1908.92. This competed at 5 wave sequence from 1949.52, and the
second wave or Wave [b] from last Friday’s
1953.45 Wave C low. The SPX then completed 3
waves up from that point between yesterday and today as
1924.63-1929.06-1952.89. These can be labeled as Waves [c],
[d], and [e] to
complete Wave D. Wave E
then complete at 1921.50 to complete Wave (C) from
the 12/5/2014 2079.46 high as seen on the Daily Chart.
This is the main 5 wave sequence
from the 2019.26 high that I see as completing below 1748 sometime after next
week. Given this scenario the SPX should now form one more wave to the upside
before moving towards that low. This move higher would need to complete below
1990 in order to target a minimum of 1748.
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