As I noted last week and over the weekend, once the bulls moved through resistance, they are now in control of the market. It would take a break below 2420SPX to even suggest that the bears have temporarily awakened.
But, in bull markets, we see the market run quite strongly, and then spend some time consolidating, before continuing higher. That is just what bull markets do. And, this one seems to be no different.
After the rally from May 18th low, the market consolidation between may 25th to may 31st. It then continued in another strong run higher. And, now, we seem to be consolidating once again before the market takes a stab at the 2460SPX region next. Again, this is just what bull markets do.
So, for now, as long as the SPX remains over 2425SPX, I will be looking up in wave (v) of iii, potentially towards the 2460 region before we see another multi-day consolidation in wave iv of 3. And, as you can see, we are now left with several segments of 4’s and 5’s, which means we are now the “grind-up” stage, which can still last for another month or two.