Thursday, September 17, 2015

Thursday's Market 09/17/2015

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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