The Levitation Continues

The SPX almost put me to sleep today, and I was looking at my screen wondering if it even opened today.

But, thus far, the market continues to levitate over 2930SPX.  And, until we see a break down below that level, I have no indications that the minor wave 4 pullback (as noted on the 5-minute chart) is in progress.

Currently, the 2890SPX region is support below us, which should hold if we see a wave 4 pullback.  As long as that support holds, I still expect one more rally for wave 5 into our target region overhead between 2965-2990SPX.

At this point, I have nothing immediately bearish on my charts, other than a potential 4th wave pullback.  It would take a break down below that support region to suggest a larger degree top has been struck, but as I have outlined before, I still do not have a clear 5-wave structure completed into the recent highs.  So, it is quite possible this market may not complete this structure until the holiday weekend.

5minSPX
5minSPX
60minSPX
60minSPX
Avi Gilburt is founder of ElliottWaveTrader.net.