The 4hr S&P futures chart shows a strong impulsive rally that is incomplete after a Minor ABC correction. The bottom line is that the S&P will move higher as long as 1943.75, the wave ((i)) extreme, is not broken. But where does that leave us for the short term?
Drilling down a little further to the 2hr chart I can get an idea of the short term wave count and projected movement. The ES is wrapping up wave ((iii)) that might end around the 127% or 138% Fibo extension of wave ((i)). I do not want to trade a top for a 3rd wave here as that would be fooling. 3rd waves notoriously extend and extend, and then extend some more. But the 2066-2082 is a good area to look for the market to perhaps take a breather before resuming the uptrend. I'm looking for the 2100 area to cap off this Minor wave 1 higher, but I'll get more certain and specific as the waves unfold.
In about a week and a half the Fed will do their thing they do, and the markets will be crazed about it. So perhaps this count will remain intact to where wave ((iv)) occurs the week of the Fed as it consolidates waiting for the news. Then after the Fed news the market rallies in a terminal wave ((v)). Just a guess for now, but something to be mindful of.
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.
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