Option Investor
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The rest of the day could turn into just a consolidation day as the market digests the big initial move up. Ideally for the bulls we'll see another leg higher to complete a 5-wave move up from Tuesday's low. The upside projection for it is near 857 to achieve equality with the 1st wave up to yesterday's high. That would be a good clue that the rally should continue next week (after a relatively brief pullback to correction this week's rally, shown in green on the 60-min chart). The bearish (dark red) wave count calls for a decline immediately from here without the new high (to leave this week's rally as a 3-wave bounce). That's looking less likely at this point but a drop back below 840 would suggest maybe not. Stick with the long side until proven otherwise.

SPX 60-min chart:
[Image 1]

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