In last week’s update of the NDX, see here, I correctly questioned if an important top was struck or not; and was correctly seeing higher prices regardless. I ended my update on a Bullish note “The two prevailing counts on the S&P500 are … : major-3 top in, vs minor-5 of intermediate-v of major 3 underway. For now we give the benefit of the doubt to the Bull-count until proven otherwise: break below SPX2404. Especially since the SPX2454 top fell short of the ideal SPX2485-2500 target zone for this larger wave-up. This target zone is based on multiple 3rd and 5th waves of different degrees that all coincide at around that level and for the market to be off by 30p is rather unheard of.”
My mid-week update, see here, further confirmed my thesis and today’s update has not too much to add other than that indeed SPX2485-2505 is now in reach as the S&P500 broke out above the orange dotted long-term trend line, is forming a picture perfect (green) Elliot Wave Channel and the daily chart looks long and strong: price broke above the dotted orange long-term trend line, with price above all important SMAs: 20d to 200d, and the Bollinger Bands expanding while price is at the upper band. All TIs, including the A.I. and MACD, are on buy and pointing up. There’s nothing bearish about this chart.
The SPX2485 symmetry breakout target I’ve had since February this year remains, see here, and is of course perfectly in line with the hourly chart’s analyses (available to premium members only) and my long-term target zone of SPX2485-2505 for all of major-3 of Primary-V.
Once the target-zone has been reached it’s time to re-assess the many charts I track and see if major-4 is starting to make it’s presence. But, I won’t call a top until and only if key price levels are broken; everything else is subject to interpretation.