Some Post-Market Thoughts

Unlike at the prior prior recent highs in this leg of the rally, I am unable to find wave balance at today’s high. That inclines me to believe that this move is not yet complete.

That said, it may not have very far to go, as I observed earlier. In addition to the wave balance 3960 provides, it also coincides with a near-tag of the trend line we have been consolidating beneath (the green line), and it also coincides perfectly with the bottom of the remaining large gap above us (red arrow).

SPX

It is probably consensus that we will fill that gap, which is probably a good reason to doubt that we will.


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