Slow Day As Market Grinds Sideways
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Today we saw very slow market conditions as the market moved mostly sideways and is closing out the day very much where it started out. With that, I have very little to add to yesterday's analysis as we still are sitting over support but under the previous high.
As noted yesterday, I’m still focused on the key price zones below; should those break, we would begin to see the initial signs that a top may be in place. Until and unless that occurs, the potential remains for the market to push higher, despite how extended the current structure is..
I continue to monitor the 5929–5793 support zone closely, along with the structure of any forthcoming pullback. Without a sustained break of that region, and without a clear five-wave decline, this market still retains the potential to extend higher. That said, given the stretched nature of the current count, I remain cautious here. We are likely approaching the final stages of a larger-degree move, one that should give way to at least a notable retracement before setting up for a more sustained advance in the weeks and months to come.
