Topping Into Turn Window
With the set-up we had today, we continued to look higher to complete a 5th wave to this c-wave. For now, we are in what seems to be the final throes of this c-wave, as we move right into our turn window and target region.
As I said last night, if the market can move through the 2000 region, our next likely target is the 2030SPX zone. Based upon the micro count on the 3 minute chart, as long as we remain over 2004SPX, I still see more squiggles left to this count to the upside, which should completed by tomorrow or Monday.
While my target in a standard move is suggestive of the 2030 region, much will depend on just how extended wave v of (3) becomes. The more extended, the greater potential this rally may not complete until the 2044-50SPX zone. And, with the amount of shorts in the market at this time, we cannot completely discount that potential.
For now, a break down below 2004SPX which takes the shape of an impulsive move will be our first indication that the (c) wave of the red b-wave has topped, and we are heading down to lower lows. As we move higher, we will be moving support up as we go.