$SPX - Market Analysis on Jan 4th, 2019

While not a sustained break yet, the SPX is starting to poke above the important 2525 resistance level. If successfully cleared, it opens the door to one of two options. Either all of wave (A) completed at the December low shown in blue, in which case 2700 - 2800 would become my target for wave (B). Or, the November high is actually where wave B of (A) completed shown in red, and this bounce is wave iv of an ending diagonal C-wave, in which case 2600 should hold.

$SPX - Micro - Jan-04 0925 AM (2 hour)
$SPX - Micro - Jan-04 0925 AM (2 hour)
Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.