Two weeks ago I posted that the S&P500 was still on track for SPX2600 and “micro-waves suggest that at least one more wave up would be ideal to complete micro-3 to the 3rd target zone of SPX2564-2571 … My ideal time frame for this micro-3 top is October 18/19 (+/- 3 days)” I forecasted in the weekly digest of October 7 -available to premium members only- that “With micro-3 most likely extending to the next target zone of SPX2564-2571, as shown in Thursday’s daily update, then the micro-4 target zone can simple be moved up an additional 10-15p as well (SPX2535-2545).”
Well, we got exactly that this week: a top at SPX2564 on October 18 and a drop to SPX2542 in the overnight futures (the cash market only reached SPX2548, falling 3p short, as the futures ) October 19. Hence, preferably, micro-5 of minute-iii is now underway to SPX2583-2603 depending on the extension for micro-5.
The alternate is micro-3 is still underway (SPX2583-2603) as only pico-3 and 4 may have completed last week.
When the market corrects next we will know much more: for the preferred count the correction should drop the S&P to around SPX2530+/-5. For the alternate, more bullish, count the S&P should now stay above SPX2540-2545.
Lastly, my Fib-based timing interval for traders has a turn-date for today, October 23, which appears once again spot on. The next turn date won’t be until mid-November and a cluster of turn-dates will fall around early/mid-December.