Option Investor
Printer friendly version
Correction to my previous update--I showed the wrong upside projection for the 5th wave (for the pink wave count) and I didn't want to leave anyone potentially confused by that.

We've either got an a-b-c wave count for this week's rally (dark red) that finished yesterday or we've got an impulsive 5-wave count that still needs the 5th wave. That 5th wave would achieve equality with the 1st wave if it rallies from here up to 857.31 (with the first upside target at 845.62 where it would equal 62% of the 1st wave, where it would essentially be a retest of yesterday's high). If we get a small 5-wave move down from yesterday's high (only a 3-wave correction so far) that would point towards the dark red wave count being correct. It's too early to tell yet. Corrected 30-min chart:

SPX 30-min chart:
[Image 1]

Market Monitor Archives