100 Points Over Support


With the market seemingly rather quiet today, I want to remind you that we are still 100 points over the initial support I noted in the weekend update residing in the 6080-6095SPX region.  And, until the market takes that support out, the bulls are still fully in control

Even though I have noted that we are still well over support, I am going to highlight yet again that this is a very stretched and full count.  While a catalysts is certainly not necessary, I would suggest that you be ready for what can be a very aggressive reversal, as that is often seen when the market stretches one way or another.  And, by most perspectives, this is a stretched market right now.

Once the market does eventually break out upper support, we can begin to analyze the nature of that decline.  But, I think it will be more prudent to wait for the more important break of the 5920SPX support level before we can make any higher probability assessment about the decline structure.  

60minSPX
60minSPX
Avi Gilburt is founder of ElliottWaveTrader.net.


  Matched
x