Not Going To Overly Complicate This


I am trying to keep this as simple as possible, based upon the weekend update.   We have our support at 4470-4479SPX.   As long as this pullback holds that support and begins an impulsive rally off support, I am looking up to the 4573SPX region next.  Thus far, I am not seeing strong evidence that the rally has begun.

And, alternatively, should we see a sustained break of support, then it opens the door to the blue count, pointing us down to the 4230-4275SPX region.

The only thing I am going to add is that there is some potential for the ES to have completed all of wave (iv).  But, since it was done during a low volume session over a holiday, I cannot say that I wholeheartedly trust it.  But, if we start seeing an impulsive rally through 4520SPX, then I may have to begin assuming we are in wave (v) even though the SPX does not complete its c-wave of (iv), as shown.

Have a good afternoon/evening.

5minSPX
5minSPX
60minSPX
60minSPX
Avi Gilburt is founder of ElliottWaveTrader.net.


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