Market Taking Its Time

As another day passes, the market has still left us right in the middle.  My “expectations” still remain looking for a wave 2 pullback, either as an immediate c-wave down into the end of the week, or after another push higher to resistance which will then likely send us down into next week for our wave 2 retracement.

As noted yesterday, since we are looking at the potential heart of a 3rd wave higher taking hold, it is possible that all of wave 2 has been completed, but we need to see a break out through resistance to begin pointing us to 2400 and higher. 

As difficult as it may be, it will likely take a bit more patience.  But, the main point is still the same.  As long as we remain over support, we remain in a bullish long term market, and looking for the heart of a 3rd wave in a larger degree 5th wave.  

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