We Will Continue To Raise Support
By
Avi Gilburt
As the market continues to follow through on the upside set up, we now seem to be rallying in wave [iii] of iii outlined on the 5-minute SPX chart. This will push us closer towards the top of wave 5, which will complete the c-wave of a larger 5th wave within an ending diagonal, as outlined on the 60-minute SPX chart.
So, with the market moving up, I am moving up micro support to the low of wave [ii] in the 5093SPX region. So, if anyone wants a tight stop, that would likely be it for now. Should the market continue higher to the 1.00 extension in the 5220SPX region next, then the support gets raise to the bottom of the pivot box – which is the .618 extension of waves [i][ii] – in the 5150SPX region. That will be support for a wave [iv] pullback, based upon our Fibonacci Pinball structure.
Therefore, for now, 5093SPX is our support, and it will be moved up to the 5150SPX region should we reach the next target in the 5220SPX region.
Clearly, a break down below 5093SPX would be a strong warning to the bulls. But, ultimately, we still need to see a break down below 5056SPX (the low of wave ii), with follow through below 4946SPX to confirm a major top has potentially been struck.
There is one more point I would like to add. Whereas the current structure within wave 5, as outlined on the 5-minute SPX chart, is pointing us towards the 5350-90SPX region, I want to note that the larger degree a=c off the October 2023 low points us to the 5350SPX region as well. And, should we reach that region in the coming weeks, I will likely issue a ‘STRONG CAUTION’ warning to all our members.
