Market still range bound

Price attempted a breakout of the consolidation range earlier this morning, but failed to maintain above Friday's high. Therefore, we are still left with the same two options; either a 1-2 setup in the start of blue wave v of (v) targeting ~2196 SPX, or wave E of a larger 4th wave triangle shown in red.

Either way, unless price breaks down below the bottom end of this consolidation range that has formed since mid-July, it is likely a bull flag as a continuation pattern, setup another high from here before a larger corrective pullback. If price does happen to break below ~2158 SPX, then 2138 SPX would still be support below for a larger 4th wave of i, followed by 2105 - 2060 SPX for wave ii of 3 already.

$SPX - Micro - Aug-01 1357 PM (15 min)
$SPX - Micro - Aug-01 1357 PM (15 min)
Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.