Another Consolidation - Market Analysis on Apr 4th, 2019

Today, the market simply provided us a consolidation.  The question is of what degree.

As far as the bigger perspective, I am still viewing the green as our primary count, with the yellow as the alternative.  My preference for this consolidation would have been for us to test a bit lower into the .382 retracement of wave 3 into the 2845SPX region.  However, the market is being quite stingy with pullbacks. 

In simple terms, as long as the market is unable to break out over the 2910/15SPX region, then I am going to continue to view us as being in the topping segment of the b-wave.

Support still remains in the 2830/45SPX region.  Resistance is that 2910/15SPX region.  Those regions will likely define how much potential this rally may have.

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1SPXdaily
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Avi Gilburt is founder of ElliottWaveTrader.net.