S&P500 ~ bullish wave 5 to a new high...
Back from a two week vacation that seems to have been timed perfectly because the market hasn't hardly moved. In our last update we were tracking a five wave structure that would complete wave-c. With today's low it appears that this is still the primary count with the exception that we can now see extended sub-waves of the formation. Today's chart is labeled showing how the market is sub-dividing with near perfect Elliott/Fibonacci sub-waves. 1) "micro" wave [3] of iii was 1.618 > i 2) "micro" wave [5] was equal to [1] being only a couple tics above [3] to maintain the 1.618 for all of iii 3) Today's low was 38.2 of wave iii to complete wave-iv 4) Today's low also hit the Elliott lower channel line This would all indicate that "sub-minuet" wave-v to a new high began at today's wave-iv low. Targets for this move would be to the 3023.00 area where wave-v would be .618 of wave-i. This would barely be a new high abov...