Monday, September 14, 2015

Monday's Market 09/14/2015

The SPX continues its holding pattern, with the index trading in a comparatively narrow 15 point range today. From last Wednesday’s 1988.63 high, the SPX completed a 5 wave sequence down to 1967.72, and then formed an inverted corrective wave to 1965.29. Another sequenced down completed at 1939.19, one up at 1963.06, and another one down to 1948.36. In the short term this action seems non-committal, with a count supporting either a move higher or lower being possible.


In the medium term, I have one made one revision to my count. Looking at the count from the September 1st 1903.07 low, I had originally labeled the move to 1938.37 as Wave [c], the drop to 191964 as Wave [d], and the rise to 1975.01 as Wave [e] to possibly end Wave (D) on the Daily chart. The better count has a complex corrective wave forming from 1938.37 to 1911.21, for Wave [d], and Wave (D) completing at 1988.63.


This in no way alters my longer term outlook that the SPX has been in a complex corrective wave since the 2019.26 high last September that should complete below 1748 sometime after the first week of October. Any short term move would not change this, unless the index moves above 2001.



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