Blue Count Or Something More Sinister

Aug 24, 2016 - 3:19 PM EDT

With the downside follow through today, the market seems to be on course with the 2160-2170SPX support region. At 2170SPX, we have a perfect a-b-c flat pattern If we should see impulsive structures begin off that level, then I am going to be on strong watch for the blue count, especially if we take our resistance from that region.

It takes a break down below 2160SPX, with follow through below 2147SPX to put me into the green camp in a strong way. But, for now, I am going to be watching quite intently how the market reacts from the 2160-2170SPX support region.

1turnchart

Avi Gilburt is founder of ElliottWaveTrader.net.

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