Still Holding Support - Market Analysis for Oct 15th, 2024

With the market pulling back today, the more immediate path higher would count this as a wave [iv] within wave iii.  The ideal support for this wave [iv] is the 1.00 extension of waves i-ii, which is the 5861ES region.  As long as we hold this support, then our next target higher is the 5923-5942ES region for wave [v] of iii.

Alternatively,  should the market break down below 5861ES, and follow through below 5842ES, then I will be viewing wave [1] in green as completed as a non-overlapping leading diagonal, as counted on the 5-minute SPX chart.  And, as long as the pullback holds over the 5674SPX region, then I continue to look higher in the coming weeks and months.  And, once we have a local top confirmed in place for wave [1], then I will add a support/target box for wave [2].

I want to again reiterate that there is no bearish perspective upon which one should rely as long as the market remains over the 5674SPX region.   It is only on a break of that support does that market provide us with an initial indication that a major top has potentially been struck.  Until that happens, I will continue looking higher within this extension pointing us north of 6000SPX.