Heart Of A 3rd

With today’s break out over the prior highs, the market solidified our perspective yesterday in moving to the more accelerated bullish count.  However, even so, it still provided no real pullback for even a micro wave (ii).  But, as I warned, that is the nature of 3rd waves, as the pullbacks can often be terribly shallow.

Today marked the heart of the 3rd wave we have been tracking all year.  And, it should now maintain pressure up in the market as we march on our way to our next target in the 2280-2300SPX region.  Our support now stands in the 2215-2220SPX region, which should not be broken below if we are truly on our way up to our ultimate target in the 2537-2610SPX region by the fall of next year.

So, while we may have seen a very powerful move up today, I think we may be slowing down a bit in the coming weeks as we march on to 2280-2300SPX next for wave 3 of (iii) of (3).

Avi Gilburt is founder of ElliottWaveTrader.net.