Intra-Day Update - Market Analysis for Oct 14th, 2022
I think this warrants an intra-day update to the entire membership. As I noted last night, we needed a (i)(ii) structure, followed by a break out over the high of wave (i). The market is now testing our support in a potential wave (ii) pullback, as you can see from the attached chart.
We MUST hold this support and then rally over today's morning high to strongly suggest the bottom is in place for now. Otherwise, a break down of this support box opens the door to test the 3430SPX region next.
This is not over and we are at a key point again, as we hit our head on the 60-minute resistance region. To date, we have not passed this type of test yet. When a bottom is in place, we will and this test will confirm it.