The rally following NVDA's earnings report continued into this morning, as we saw another opening gap higher on SPY, propelling it briefly above 510. It hit a high of 510.12 before turning lower, trading between 509 and 510 before breaking lower to the 507 level. Two rally attempts failed at that same 509 level that had earlier offered support. The third attempt only made it to 508.76 before turning lower once again to close at 507.85.
We continue to follow this Wave 5 from the January 5,2024 Wave 4 low of 466.43. We had a minimum target of 517 for this final wave, which we are approaching. Our current structure for this wave gives a slightly higher target, with a minimum of 537.
We will be closely monitoring this final wave for any deviations from our current count.
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