$SPX - Market Analysis for Aug 9th, 2018

Aug 9, 2018 - 4:01 PM EDT

The SPX is finally starting to crack some support in order to signal a local top in place. As a reminder of my stance, I am looking for either a corrective pullback as wave ii of (c) under the blue count targeting 2838 - 2822 before turning back up toward a new ATH in wave iii of (c). As an alternative if that upper support region does not hold, a retest of the August low in the red alt (b)-wave, with this recent high being an extension of wave (a) of iii off the June low.

$SPX - Micro - Aug-09 1258 PM (1 hour)

Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.

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