Still Looking Higher - Market Analysis for Jun 10th, 2021

As the market has been thrashing to and fro, it certainly has not made it easy trading an intra-day trend.  And, I do not foresee this to really change too much in the coming weeks.   Keep in mind that if the market is indeed heading higher, we are likely in an ending diagonal for wave v of 3, and I warned that we would likely continue to see whipsaw.

While the smaller degree structure is not terribly clear, I have to continually look higher as long as we continue to hold over 4190SPX.   And, there I not much more for me to add at this time, other than that.  Our next resistance overhead is outlined on the 5-minute chart, with the ideal target for wave [iii] of the ending diagonal still residing in the 4360SPX region.

Alternatively, it would take a break down below 4190SPX to raise the probabilities for the alternative in yellow, as I mentioned yesterday as well.

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