Parameters Remain In Place As The Market Trades In A Tight Range
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There is very little to update today as the market saw a very tight range today and is trading only slightly higher then the levels that we saw yesterday. As I noted yesterday all of the paths that were laid out previously remain intact. I do still think that with this continued push higher it is increasing the odds that we may indeed be following the yellow count but the next pullback is going to remain key to help give us additional information as to whether this is indeed the case.
Not too much has changed from the previous updates over the past several days. We still remain in the topping zone for the potential wave v of (c) as shown on the five-minute chart. We still will need to see a move back under the 6017-5977 zone on the SPX to give us an initial signal that we may have put in a top in that five-wave move up off of the 1/13 low.
The structure of the next pullback remains important and is going to help guide us as to where this is heading in the weeks ahead. Should we see a corrective retrace lower then we are likely following the yellow count and will see new highs in the weeks ahead, whereas should we see a five-wave move to the downside then it will open the door for this to be topping in the green wave b.
As I noted yesterday we will simply wait for a pullback and see what the structure of that pullback looks like. From there we will have a better idea as to which path we are likely going to be following. Until then we need to let the market tell us what it's intentions are in the very near term.
