The pullback I said might happen at
the open today did not materialize. Instead the SPX continued higher after a
choppy opening. This choppiness was the conclusion of a small inverted
corrective wave as the Wave from Monday’s 1948.36 low extended to 1993.99.
After that the index did undergo a slight pullback to 1986.04 before continuing
higher. On the 5 Minute Chart you will see the short term wave I am tracking
from Friday’s 1939.19 low. So far Wave 1 has completed at 1963.06, and today
Wave 2 at 1986.04.
Yesterday I mentioned an alternate
count that would have Wave [d] completing at
1939.19, which would have Wave [e] completing
above 2002. The count from that point so far supports that. This can be seen on the 15 Minute Chart.
I am still expecting a further drop
in the SPX to below 1748 after the first week in October. I had mentioned some
time ago an alternate count that would have 1903.07 as the low for this
correction. The decision point for these two scenarios would be 2028. If the
SPX holds below 2028 my current scenario remains intact. If the index moves
above that point, the alternate count would seem more likely.
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