With the market continuing to maintain support each and every stair step higher, I am still looking towards he 2108ES region for the ideal target to let us know how to appropriately micro-count this region. Again, ideally, that should be the target for wave (iii) of (3) of I off the wave 2 low.
However, if the market dips below the 2080ES level before completing this count, it would likely signal that this count is wrong, and we will likely have to move to an alternative count, such as the current high being wave (iii) of (3), or, even the blue count noted.
Under all the counts, we are likely going to see the 2150 region within the next few weeks, but the question now is a matter of how. And once this region resolves itself as to the “how,” it should clear up the trading for the next few months.