Another Consolidation Day?

On Monday, the market saw a consolidation that took the entire day, lulled everyone to sleep, and then exploded higher.  Today, we have an almost exact copy of that scenario, which means that tomorrow can see a sizeable move.  But, unfortunately, we are still left with the question as to whether it will be higher in the yellow count, or lower in the green count.

While I clearly lean to the green count, I do not have the conviction to trade the smaller degrees in this region aggressively at all.  For this reason, I am still going to allow the market to makes its decision as to whether it wants a higher high in the yellow count, or if it will break support and head down for a (c) wave of (2).  At that point, we can then have much more confidence in the smaller degree direction, as well as the larger degree direction.

But, I do want to point out that today is a Bradley Model Turn Date. Yet, in order for me to be confident in the (b) wave high, I need to see a break down below 2085SPX minimally to provide an initial signal, with confirmation coming in a drop below 2070SPX. But, as long as we remain over 2085SPX, all we seem to have done is consolidate over the last break out level, which is not at all a bearish indication under normal circumstances.

1turnchart
1turnchart
Avi Gilburt is founder of ElliottWaveTrader.net.