Morning Update - Market Analysis for Mar 17th, 2023

Overnight struck the minimum target for wave iii.  So, we may spend the rest of today consolidating.

As long as we hold the support box, I am keeping a standard impulsive structure as my primary count.  If we break it, the alternative is a leading diagonal, presented in blue.  But, I would not even attempt trading for that potential, as it is way too unreliable. If it completes, that would be a different story.

However, if a break of the support becomes impulsive, then I have two considerations.  While this would be a VERY large and deep wave 4, I have to consider it in yellow as presented on the 5-minute SPX chart, since we did not get overlap into wave 1. 

The other alternative will be purple. But, I would still need a break of 3740SPX.

In summary, as long as the support box holds, I can reasonably look higher in an impulsive count.  If it breaks, we have to see the structure on the way down and be much more careful.

Avi Gilburt is founder of