$SPX Analysis: No Changes

I see no reason to change the view I laid out yesterday (here).

If we are doing the Green A-B-C for Orange 2, we may still go a little higher to find good wave balance or, since we’ve come almost exactly to the 50% retracement of the decline since the August high, we may be good as is:


But, we can also still see a move to the 61.8% retracement as well, which is the Red A-B-C count for Orange 2:


In this case, today may only have been Orange 1 of Blue c. In either case, somewhere in this 100 point range between here and there, I expect us to top, and then go on to make new lows, with the first major target being 3400.

As far as trades, obviously, taking the Apple and SPY calls yesterday as a hedge was prudent, and I was able to catch a good portion of the advance on futures (though I closed those early, in hindsight). I am attempting to get short again in futures, and we’ll see how that goes perhaps on Sunday night. If we get a pullback that looks like the little orange 2, then we may have another entry for a long trade, but if we take out the blue b in the chart above, the top is probably in.

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