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April 11, 2019: Sideways price action is always open to interpretation: is wave-v of 3 underway or is wave-iv of 3 still transpiring, or is something else going on? A move and close above SPX2895 is needed to confirm the first option and SPX2915-2920 is then next. A move below today’s low targets SPX2865 and possible as low as SPX2855 if SPX2875 doesn’t hold on a closing basis.
April 10, 2019: With the FED leaving rates unchanged, the markets got the message “FED has your back, there’s no recession (yet), and we support the banks”. Thus the potential impulse pattern identified this weekend remains in tacked and wave-v of 3 should now be underway. But as said yesterday, I may be off by one wave-degree. Ideally wave-3 reaches SPX2965-2996, but the shown v = i relationship only targets SPX2915.
April 9, 2019: Although I would have liked to see wave-iii of 3 reach SPX2915 at a minimum, looks like it completed yesterday at SPX2895.95 and wave-iv is now underway and may have possible already completed but it can become more complex and target as low as SPX2865. As said yesterday “As long as price remains above SPX2845-2830 it can continue to move higher. A break below SPX2865 could mean an ending diagonal is forming.”
April 8, 2019: Not much too add to the weekly digest as the S&P500 is on track to reach the ideal SPX2915-2945 zone for wave-iii of 3. From there I expect a retrace to SPX2915-2885 before the next rally to ideally SPX2965-2995 starts to complete wave-3. Once that latter target zone is reached, we should expect wave-4 to retrace about 75p before a final 5th targets ideally SPX3045.