Consolidation for Higher

After the market struck its high yesterday, we seem to be consolidating since.  The main count seems to be that wave v of (3) completed at the last high, and we are currently in wave (4) of green iii of 5 of (c), as presented on the 60 minute chart.

While we have enough waves in place to consider wave (4) as completed, I still think we may see one more decline tomorrow into the 2110-2115 region in the SPX to complete wave (4).  But, the larger count suggests that as long as we remain over the 2110 region, our next bigger move will be to re-test, and, ideally, break through the prior all-time high in the SPX, on our way to the 2142-2150 region to complete wave (5) of iii.

Alternatively, for those of the “bearish persuasion,” I am unable to entertain a bearish count at this time until we break below our support zone, which has 2105SPX as its lower support.  Until we see that support break, the market is still presenting as an impulsive structure pointing over 2150SPX.  A break below 2105SPX would strongly argue for the red alternative count.

Note:  The previous charts had an incorrect turn date noted for the 25th . .  it is not until July 1.  My apologies.

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