$SPX Post-Market Update

I have no significant changes to the thought from earlier. In that post, I suspected that we may have been pulling back for some kind of “2,” and we seem to have done just that, as we then rallied with some strength, which we would expect to see in such a wave count. If this is correct, we may gap up tomorrow, consolidate (for the orange 3-4), then make another high to finish the 3rd blue wave (I may need to change the wave degree later). After that, I could expect some consolidation for the 4th blue wave, then another high.

Now, whether this is part of an eventually bearish structure (a counter trend bounce, a “right shoulder,” etc.) or part of an outright new bullish move, I do not as of yet know. I will attempt to make that determination later after some more structure unfolds.

SPX

The calls I reaccepted this morning are now ITM, and I will keep them, and the bull put spread I opened this morning is getting rekt, so that’s all good so far.


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