Market Holding – Setting Up For A 5th

With the market holding support this far, we have developed what looks to be a micro 5 waves up off today’s low.  And, since the standard structure still calls for a micro 5th wave to complete this rally off the October low, we seem to be developing a micro i-ii set up to complete that last segment of the 5th wave off the October low.

Therefore, it makes the analysis rather easy at this time.  As long as today’s low holds, my expectation is to push higher into the end of the week for that 5th wave.

Alternatively, should we break below today’s low, that would be an initial indication that the rally off the October low as likely completed.  Yet, I will need to see further confirmation with a break down below the 2990/3010SPX support below us to suggest that the [c] wave decline has begun.

Overall, nothing has changed in my larger degree perspective.

3minES
3minES
60minSPX
60minSPX
Avi Gilburt is founder of ElliottWaveTrader.net.