$SPX - Market Analysis on Sep 26th, 2018

Alright, near-term setup seems to be gaining a bit more clarity. So far important resistance at 2930 as the .618 retrace has held to keep the blue b-wave in contention. However, I am willing to consider the recent high into that resistance as wave a of the 5th higher in the ED that I was previously tracking. That would place support for wave b between 2924 - 2920 that bulls do not want to give up.

$SPX - Intraday - Sep-26 1141 AM (5 min)
$SPX - Intraday - Sep-26 1141 AM (5 min)
Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.