No Clear Indications This 4th Wave Is Done YET

Dec 19, 2016 - 2:51 PM EST

With the market attempting to rally today, it has not exactly given us a solid impulsive structure off the lows. So, for now, I am going to keep it quite simple. As long as we remain below today’s high, I see us dropping into tomorrow in a larger 4^th wave. However, if we are able to take out today’s high impulsively, then the 4^th wave is over, and we begin our next trek higher.

Again, I want to remind that as long as 2205-2220SPX is held as support, this is a bull market with targets over 2500 in the larger degree impulsive structure as we head into 2017. Our next upside resistance points at 2282SPX and 2306SPX.

1turnchart

Avi Gilburt is founder of ElliottWaveTrader.net.

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