Quick Update - Market Analysis

Before I left the office, I wanted to post this to all members regarding a small modification I am making in my wave 4 primary count for now.  And, the reason it is a primary count still is because I don't trust 4th waves:

I want to post an evil pattern that has taken my attention if the market were to break back below 2660, but stay over 2640 to complete a more protracted wave v (but, it can have completed with a break below 2639).  It is a modification of the 4th wave, but would suggest that this rally may complete as an ending diagonal for the c-wave of wave 4. 

Take note that, in this pattern, this potential only remains valid as long as we remain below 2693.91.  Beyond that level, wave 3 would be the shortest wave, which breaks an Elliott Wave rule, which would give much greater probability to the purple or yellow counts.

Again, this will only come into play if we cannot sustain this rally today over 2660.

And, I also want to leave you with a STRONG reminder that you cannot trust anything within a 4th wave, so you really need to take this one step at a time. 

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