Corrective bounce, but room for higher tomorrow

Oct 9, 2019 - 3:45 PM EDT

The market continued its bounce today off of yesterday's low, filling out the same upside that was achieved by ES futures pre-market this morning. Since we have a decent looking micro 5 waves down into yesterday's low off of Monday's high, this bounce is assumed to be corrective. However, there remains room for more near-term upside on the cash chart, with 2934 - 2945.50 as the ideal target resistance to reach before turning back down again below yesterday's low as either blue wave c of (b) or the start to wave iii in red.

$SPX - Micro - Oct-09 1244 PM (1 hour)

Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.

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