Setting Up For A Rally?

With the 4th wave of this (c) wave continuing to meander, it does look like we should be very close to completion at this point.  Ideally, I still think a test of the 2372SPX region can be struck, but we do have the minimum number of waves in place to consider wave 4 to have completed.   We would need to see an impulsive move through 2391SPX to suggest that the 4th wave has completed if we are not going to get one more test lower.

As I have said so many times before, as long as 2370SPX holds as support, we should be setting up to rally to the ideal target in the 2410SPX region.   And, that “should” conclude our b-wave rally.

So, at this point, not much has changed in my overall expectation in the market.  I would still like to see one more rally take shape into next week to complete our b-wave top, which should, ideally, set us up for a c-wave lower to complete the larger degree wave (iv).

5minSPX
5minSPX
1turnchart
1turnchart
1SPXDaily
1SPXDaily
Avi Gilburt is founder of ElliottWaveTrader.net.