SPX Still Holding Over Support

This morning I mentioned that with this continued move higher we now look as though we are in the heart of an impulsive wave structure off of the 7/6 low. Since that morning update we really have not seen any movement that would warrant a change in this analysis. So with that my base case remains that this move off of that 7/6 low as part of wave v of 1 which is shown in white. Under this case we still have no confirmation that we have topped for wave (iii) of that wave v but we are approaching the 161.8 extension at the 2146 level. Current support for wave (iv) of v under this impulsive case comes in at the 2124-2115 range and as long as we are over this support zone we should still should ideally see another move higher finish off wave (v) of v of 1 up. A break of this support zone would be the initial signal that we have indeed topped with further confirmation coming with a break back under the 2110 level.

Now should should we complete a full 5 wave impulsive move up off of the 7/6 low as described above it would certainly be possible to consider this a 1-2 i-ii up off of the 1991 low as is shown in green on the chart. Under this case we would still be looking for a local top around the 2160 are but would then expect to see much more shallow retrace for the minor degree wave ii vs. the larger degree wave 2 as is shown in white. This green count is not my primary count at this time however with these continued extended moves to the upside it is certainly on my radar.