Should Be Hitting New Highs Soon

While there is still an interpretation which can take the SPX down one more time in this wave iv, the odds are leaning towards us seeing new all-time highs in the very near term.

As we have been saying for quite some time, as long as our upper support region holds as support, we should continue looking higher.  And as we continue higher, we will continue to raise our upper support region.

Our next resistance level is 2282SPX, followed by the 2306SPX region.  Once we break out through the 2306SPX region, then we will be looking towards the next higher target box on the 60 minute chart before we see the next bigger pullback in wave 4 around the middle of January if we continue to follow this pattern.

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