After a slightly lower opening the
SPX drifted marginally higher throughout the morning and early afternoon
reaching 2003.52 just before the FED announcement. After that announcement, the
index spiked higher to 2008.33, fell to 1987.99, and then recovered to the high
of the day at 2020.86. After that the SPX gave up its gains falling quickly to
1986.76. After rebounding to 2000.50 the index fell further to 1986.73.
Continuing my count from 1939.19 on
the 5 Minute Chart, the SPX had completed Wave 2 yesterday at 1986.04. Wave 3
looks to have completed at 2008.33, Wave 4 at 2002.19 and Wave 5 at 2020.86.
This would complete the sequence above the 2002 level I had mentioned, and
below the 2028 level that would have put my current scenario in jeopardy.
On the 15 Minute Chart it would
seem likely that Wave [d]did complete at
1939.19 instead of 1903.07 and Wave [e] today
at 2020.86. I have at the moment labeled this with Wave (D) although this more likely to be Wave B
looking at the Daily Chart. I will go into more detail on this, and the
implications over the weekend, but this does not affect my 1748 downside
target, only the form that the SPX might take getting there.
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