Market Still Moving Sideways
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Today the market opened flat and traded flat for the entire session so there really is not much to add to what Avi had laid out in the weekend analysis on the bigger picture count.
On the smaller timeframes, we are still holding count which would suggest we are going to see another higher high to finish off the wave (v) which is shown in white on the charts. Under this case, we still need to break out over the HOD at the 4594 level and then break up over the 4608 level. If we can manage to break those levels then I have 4640 as the next key overhead fib resistance level for a potential topping zone of the white wave (v). If we begin to break down and move under the 4542 level then it would open the door this to has already topped in the wave ii/b but we would need to see that move start with five waves to the downside. If we simply see corrective wave action lower then it still suggests we are moving higher before a significant top is seen.
So again overall there is really very little to add to the weekend analysis as the market has traded in a very tight range today. The parameters that we have had in place from those previous updates remain unchanged and I will continue to look towards those as we move into the latter part of the week.
