Both counts still on the table

After the initial gap up this morning, the market spent the rest of the day consolidating sideways, for now remaining below the 2159 SPX resistance for wave iv of (c) in the ending diagonal red count. Price needs to close today's gap and break back below 2140 SPX now to start confirming a top in the red count though and the start of wave v of (c) down to the 2106.50 - 2090 SPX target region below.

Otherwise there is still room up to 2159 SPX for red wave iv, but as noted this morning a sustained break above there would go a long way toward signaling the bullish blue count instead, where wave ii of 3 bottomed already at the October low and price is working on a leading diagonal up off that low.

$SPX - Micro - Oct-24 1343 PM (1 hour)
$SPX - Micro - Oct-24 1343 PM (1 hour)
Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.