Not Much To Add In My SPX View


At this time, there really is not much for me to add to my overall view in SPX.  We still do not have a 5-wave rally structure in place, so I have no reason to consider long positions, as the market has not proven its intent to rally to 4300+ yet.

But, in the micro count, I think I may be leaning towards the market making an attempt at a rally to the 4020SPX region.  What that will ultimately represent is still a question, as you can see from the chart. It can either be a purple 2 (not my primary), or it can be a c-wave in a 3rd wave in the leading diagonal.  And, again, I do not see leading diagonals as strong trading cues until the market proves it.

So, for now, I remain on the sidelines and waiting for the market to make its next move, which would give us an indication of the next multi-hundred point move.

In the meantime, I am watching the MACD on the daily chart quite intently.

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