Wave IV Over?

We have struck the minimum target that wave iv would strike, and that was the 2246SPX region.  As you can see from the 60 minute chart, we have hit the top of the upper support box.  But, the issue is that we do not have a confident bottoming pattern in place, or a clear 5 waves up off the lows unless we are relying upon a truncation.  And, just like leading diagonals, I have a hard time relying on truncations.

So, as long as we hold today’s high, we can still see a push down a bit lower into our support region.  But, the underlying theme remains the same:  As long as the market holds 2220SPX support, our next target is in the 2330-2375SPX region to complete wave 3 of (3).

Avi Gilburt is founder of ElliottWaveTrader.net.