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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