Corrective pullback - Market Analysis for Apr 19th, 2018

The market turned down today, breaking enough micro support to suggest that a local high has been struck as wave iii of the ending diagonal (c)-wave at yesterday's high, with price now starting wave iv of (c).

Under that assumption, today's low likely completed wave A of iv with price now bouncing in wave B of iv. If so, then 2695 - 2704 SPX is the target resistance above where wave B of iv should complete, in order to turn price back down toward 2664 SPX next in the C-wave to finish wave iv.

As long as support for wave iv holds, then one more high as wave v should follow to complete the ending diagonal (c)-wave of circle wave d, targeting roughly ~2750 SPX before turning back down again in the start of circle wave e of the 4th wave triangle.

$SPX - Micro - Apr-19 1219 PM (30 min)
$SPX - Micro - Apr-19 1219 PM (30 min)
Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.