Market Analysis for May 3rd, 2016

May 3, 2016 - 3:46 PM EDT

I am sorry to provide this modification, but I decided to go into a 1 min chart - something I rarely do - and I can come up with the potential for a 5 wave move off the lows in SPX - even though it is clearly not perfect. But, it means I have to lower my break down level to 2055SPX. Meaning, we have to take out today's low to break the upside pattern and move into wave (2).

1minSPX

Avi Gilburt is founder of ElliottWaveTrader.net.

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