S&P500 update: two weeks later and still on track for 2600.

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.

SPX 1min-detail

The alternate is micro-3 is still underway (SPX2583-2603) as only pico-3 and 4 may have completed last week.

SPX 1min-detail2

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.

One thought on “S&P500 update: two weeks later and still on track for 2600.

  1. Pingback: The S&P500 reached almost 2600. Was that it, or can it reach 2700? | INTELLIGENT INVESTING

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