Another Day, Another Grind


I am not sure how many more ways I can present the exact same analysis.  So, today, I am not going to repeat what I have been saying for the last week or more.   Rather, I have included a 5-minute SPX chart to present the analysis.

As it stands right now, we have the minimum number of waves in place to complete this [c] wave rally.  But, because wave iii only reached just beyond the 1.382 extension of waves i-ii within this [c] wave, I am tracking an alternative which still can push us higher one more time before this [c] wave is complete.  And, it was this to which I was alluding when I mentioned the higher resistance if the SPX can extend this week before breaking down below 4480.

For now, the 5-minute chart pretty much says it all.  And, the parameters outlined over the weekend and the last week or more remain the same.  

5minSPX
5minSPX
60minSPX
60minSPX
Avi Gilburt is founder of ElliottWaveTrader.net.


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