After the close, The SPX is throwing wrenches at my counts, after expecting a corrective wave up for a "B" wave, or my second option, a 2nd wave up, the SPX has continued printing out an impulse wave up, and almost now to the point of completing a five wave move up, although it could still morph into a double zig-zag, seven wave correction right now it is up in the air how it would fit in having a impulsive wave coming up from yesterday's low, other to say that it most likely will make a new high. The trend is still neutral until we do make a new high, or the market sells off and breaks below 1175. I still have that feeling that we will have a trading range between these levels for awhile, tracing out a larger "B" wave.
Breadth for the day was 4.41:1, advancers, impressive for this stage of a two month old
rally where momentum was waning a week ago. I see a slight possibility (VERY SMALL) of a larger bull move, where this correction might be another 1-2, setting the SPX in a iii of 3 wave up that is just starting. This should be apparent very soon if we have a couple extremely large rallies with follow-thru days to the up-side, with even higher breadth and volume numbers then we had today, but I am still leaning towards this wave up turning into a corrective, before a new high is made.
Click here for a live, and updated chart!!!
This new bullish Fib fan on the SPX is very steep, but as long as it stays with-in the fan, the short-term is up, a break out of this fan would be a good sign that this micro-wave is over. BTW, there is no over-head Fib fan resistance until 1212.
Click here for a live, and updated chart!!!
8:36, The move up from 1183.68 is looking much more impulsive then corrective at this point. Maybe this is just the "a" wave of "B" up?. 1183.68 is now short-term support, which was also the 20 day MA, which gives it a little more kick, and 1175, is still a major support level for the bulls. Breadth is currently running 3.49:1, which is very respectable bullish breadth. Along with the gap up for the SPX, the VIX also had a large gap down.
Breadth for the day was 4.41:1, advancers, impressive for this stage of a two month old
rally where momentum was waning a week ago. I see a slight possibility (VERY SMALL) of a larger bull move, where this correction might be another 1-2, setting the SPX in a iii of 3 wave up that is just starting. This should be apparent very soon if we have a couple extremely large rallies with follow-thru days to the up-side, with even higher breadth and volume numbers then we had today, but I am still leaning towards this wave up turning into a corrective, before a new high is made.
Click here for a live, and updated chart!!!
This new bullish Fib fan on the SPX is very steep, but as long as it stays with-in the fan, the short-term is up, a break out of this fan would be a good sign that this micro-wave is over. BTW, there is no over-head Fib fan resistance until 1212.
Click here for a live, and updated chart!!!
8:36, The move up from 1183.68 is looking much more impulsive then corrective at this point. Maybe this is just the "a" wave of "B" up?. 1183.68 is now short-term support, which was also the 20 day MA, which gives it a little more kick, and 1175, is still a major support level for the bulls. Breadth is currently running 3.49:1, which is very respectable bullish breadth. Along with the gap up for the SPX, the VIX also had a large gap down.
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