Can We Stretch To 2047SPX?

The SPX has still not provided any solid topping signal.  We still seem to be grinding higher day by day, and it seems we are so close to the 2047SPX level that the market may still attempt to reach it.  Remember, wave i will be equal to wave v off the August low right into that 2047SPX region, so it may be pulling us up.

Right now, upper support can be moved up to 2024SPX.  A break down below that level is the initial indication that a top can be in place.  But, please do remember that we need to see an impulsive break down below 1990SPX to give us a stronger indication that the red c-wave to lower lows will be in play.  T

he more and more people I speak with of late, the more have given up on this potential, which actually makes me like it more and more of late.  So, until the market tells me otherwise, that is still my primary perspective.  Remember, if we do get a break out scenario to confirm a bottom is in place, the ideal upside target is around 2450, so there is still plenty of room overhead in wave V of primary wave 3.

For now, the red count on the 5 minute chart is the alternative count, but will be changed to primary should we break 2024SPX.

5minSPX
5minSPX
1turnchart
1turnchart
Avi Gilburt is founder of ElliottWaveTrader.net.