Deeper Pullback Suggests Higher Target

As I noted yesterday, the market is setting up to take us over 2300SPX.  And, with today’s slightly deeper pullback, it has set the market up in a (i)(ii)(1)(2) structure in wave v of 3, which is now projecting to at least the 2330SPX region, with the potential to extend even higher, depending upon the extensions we see in the heart of the next micro 3rd wave.

So, nothing has changed in our bullish perspective.  In fact, this set up remains quite immediately bullish as long as the market remains over 2245SPX. And, wave (iii) of v of 3 has a minimum target in the 2310SPX region as long as today’s low holds and we break out over 2267ES.

As you can also tell, all my primary counts are presenting the immediate bullish potential, since the market has proven its bullish perspective time and again.  So, going into tomorrow, I must also maintain an immediate bullish perspective, again, as long as we remain over 2245SPX.

Lastly, should we see this next break out over 2300SPX, our upper support will be moved up by 30 points to 2235SPX.

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