Fed Day Causes Mayhem

As we started the day with our live video this morning before the market opened, I warned those in attendance that we may see a spike and reversal of the 3030 support level, down to the 3024 region.  And, that is exactly what the market did. 

Through out the day, the market has been flirting with our 3030 support region.  And, we have yet to see a sustained break of that support.  As I am writing this, a break down below 3024 will likely provide that sustained break down, and have me looking to our next support levels in the 2970/90SPX region. 

However, until the market finally tops out, and provides to us that break down, it may still attempt to stretch to the 3050/60 region. 

Yet, the overall expectations remain that all signals suggest the market is still completing a larger [b] wave, and trying to fill in some final squiggles within the c-wave of that [b] wave.  While it is not always easy to maintain the patience needed for confirmation that the market has indeed topped, that is where we are left at this time.  But, all indications still point towards this being a c-wave rally resulting in a larger degree decline when completed.

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60minSPX
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1SPXdaily
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Avi Gilburt is founder of ElliottWaveTrader.net.