But let's do a new update for today ; )
The employment change was actually a non-event. The SPX opened within the tight 4 handle range we stayed in all day yesterday. At 11 am it finally decided to move again and sold off to the 1263ish support area. From there the market rallied into the close to finish the day almost flat.
Yesterday, I mentioned a second, slightly different count. Since the market revisited the 1263 area, the alternative count is now my primary count (see above). But as I said, nothing really changes: 1290-1300 should be seen later this month.
The uptrend is in danger below today's low and likely completed if the SPX closes below 1254ish.
I'd like to repost a chart of wave 3:
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| Chart posted November 11th: wave 3 |
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| Chart posted January 5th: wave 3 & 5 similarity |
You can see that now not only the shape of waves 3 and 5 look alike but also the counts do. So we may see a last big rally (3-5 %) next week ( = early November 10) to complete Intermediate wave (1).
Have a great weekend!
