|May 19 @ 8am|
That would change the wave count to an A-B& C wv low of 1318 on the 17th at 11:30am
Thus the next high looks like tomrrow afternoon, which could top out at the 1350 level
52X 50% = 26
1318+26=1344 which got didnt quite get hit at 1342
The above would change back to the original only if today drops to near 1300 by the close,
and at this time, that looks very doubtful, but a backdrop to a level near or above 1318 is very likely
Either way, a short term BUY would be llikely for tomrow's open thus heading back to a close at or near 1344 to 1350
52X 62% = 32+ 1318 = 1350
That would mean this ENTIRE correction Starting May 2nd would end as a FLAT thus matching
the PREVIOUS LOW of spx 1250, which would occur on May 27th and or 31st.
A FLAT as described above indicates the MKT has underlying strength and often occurs just prior to an extension or a 5th wave of the trend from the famous Mar9th low at 666.
Thus they could back to 1370 where the 78.6% retrace got hit on May 2nd.
An initial SPURT would be expected off the May 31st low at or near 1250, and even if STILL an expanded flat, the low would be expected at about the 1225 level.
note the AM futures holding steady at 1344, even with very good employment news
A late drop back to 1320-1325 would be within the wave structure above
after mkt notes
WILL THEY RUN TO 1370 from the open OR drop back to 1325 till 11am,
then recover to close at 1350
I would almost prefer a run to 1370 to conclude an ENDING diag triangle, but somehow
I just dont think thats the plan.
Either way, a decline next 10days could take the spx to1250