Wednesday, September 16, 2015

Wednesday's Market 09/16/2015

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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