On the Weekly Chart you will see my
ongoing count from the March 2009 666.79 low. The first wave of this 5 wave
sequence ended at 1219.80. Since then the SPX has been undergoing an inverted
corrective second wave. Thus far four waves of this sequence have completed,
with the fifth underway. The first four waves occurred at
1010.91-1370.58-1074.77-2019.26. The fifth wave of this sequence should
complete below 1748 sometime after the first week of October.
The Daily Chart shows my count from
2019.26, the fourth wave of the sequence outlined above. This has been a quite
complex wave, currently looking to form what I term a semi-inverted wave. Wave (A) of this sequence
completed at 1820.66. The second wave rose above the previous high to 2079.46.
Wave (C) is in progress, and should complete
above 1820, with Wave (D) completing below
2019.26. Wave (E) should then carry the SPX
below 1748. Wave (C) has proven challenging at
times, and that may still be the case. Wave A
of this wave completed at 1972.56 and Wave B at
the recent 2020.86 high.
From that 2020.86 high, the SPX
completed a 5 wave sequence down to 1953.45, and then a sequence higher to
1979.64. These could be Waves C, and D of (C). If this is
the case Wave E should complete between 1935
and 1944. If 1935 is broken to the downside, it would likely mean that Wave C has not completed, and the index could move lower.
If that level holds the SPX should rally, perhaps back to near 1990 before
starting the final leg down to below 1748.
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