Topping Into Turn Window

With the set-up we had today, we continued to look higher to complete a 5th wave to this c-wave.  For now, we are in what seems to be the final throes of this c-wave, as we move right into our turn window and target region.

As I said last night, if the market can move through the 2000 region, our next likely target is the 2030SPX zone.  Based upon the micro count on the 3 minute chart, as long as we remain over 2004SPX, I still see more squiggles left to this count to the upside, which should completed by tomorrow or Monday.

While my target in a standard move is suggestive of the 2030 region, much will depend on just how extended wave v of (3) becomes.  The more extended, the greater potential this rally may not complete until the 2044-50SPX zone.  And, with the amount of shorts in the market at this time, we cannot completely discount that potential.

For now, a break down below 2004SPX which takes the shape of an impulsive move will be our first indication that the (c) wave of the red b-wave has topped, and we are heading down to lower lows.  As we move higher, we will be moving support up as we go.

3minSPX
3minSPX
1turnchart
1turnchart
Avi Gilburt is founder of ElliottWaveTrader.net.