Slightly Accelerated - Market Analysis for Oct 14th, 2024

There really is not a lot for me to add to the analysis this afternoon other than a minor tweak of the wave structure during this rally.   So, let’s discuss it.

Based upon the levels we are now striking in the ES chart, I have to assume we are one wave degree ahead of what I expected over the weekend.   As you can see on the chart, I have moved into the wave 5 of [iii] of iii of [1].  

Of course, the alternative is that we are now completing a non-overlapping leading diagonal for green wave [1] or non-overlapping ending diagonal yellow wave v.  

Now, I have also moved up our pivot support box on the 5-minute ES chart, and the bottom of that support box is represented by the red line on the 5-minute SPX chart.  And, as long as the next pullback holds that support, then I will remain within the wave structure outlined on the 5-minute chart, which means we would need waves [iv] and [v] of wave iii to complete, followed by waves iv and v to complete green wave [1] or yellow wave v.  

Lastly, I want to reiterate again that there is not even an initial indication of a market top having been struck until we break down below the 5674SPX level.   And, until that happens, I will continue to follow the path that is pointing us north of 6000SPX, which is outlined on the 60-minute chart.