Market Still Hovering Over Support

Today the market opened flat traded a bit higher into the afternoon session and is now trading flat once again but still over upper micro support. So with that there really is not too much I can add to the analysis other than what has already been said over the past couple of days. 

As I noted this morning as long as we are over the 5269 level then we still can see this push to another higher high to finish off the wave v of 5 fo (c) of larger wave b. The move up off of today's low really did not give us a clean break of the previous high cleanly satisfying the wave v of 5 which leaves us for the most part in the same spot as we were this morning. If we do indeed break higher then I will be watching the 5327-5383 zone overhead as the next key overhead resistance/target zone. 

If and when we break under that 5269 level then it would give us a very early signal that we may have topped in all of the wave b but we still would need to see that followed up with a full five down off of the highs and a break under the 5223-5182 zone below to further confirm a top. From there we can see the size and depth of the initial five wave move down off of the highs to give us a better idea as to what the next larger degree target to the downside will be. 

For now, however, we simply need to continue to be patient, and cautious as the market navigates what we are counting as the final stages of this larger degree pattern.

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Michael Golembesky is a senior analyst at ElliottWaveTrader covering US Indices, the US Dollar, and the VIX. He contributes frequently to Avi's Market Alerts service at EWT while also hosting his own VIX Trading service.