The Bull Market Grinds On

While I would have preferred the market to continue higher today to complete the micro structure in wave v of [iii] on the 5-minute SPX chart, it seems the market had other ideas.  But, rallies followed by market grinding are the hallmarks of a bull market.  

So, I am going to make this update quite simple.  As long as we hold the 4205-4220SPX upper support, then I am going to continually to look higher in the near term to complete this wave v of 3, with a minimum target of 4330SPX, and an ideal target of 4440SPX.  Clearly, we will need to see some strong extensions to the upside this week if we are indeed going to strike that ideal target.   

Our next higher target for wave 5 of [iii] on the 5-minute SPX chart is 4250SPX, but I would much rather see an extension beyond 4260SPX to provide initial indications that the market is going to try to stretch for the 4440SPX ideal target for wave 3.

In the meantime, I added back an alternative wave count on the chart.  This would suggest that the highs we have seen are a b-wave in an expanded a-b-c flat for wave iv, which is presented in blue.  But, since the high struck in the futures on Sunday night was only a 3-wave structure, this will be maintained as an alternative count unless the market actually breaks upper support.