Wednesday, October 7, 2015

SPX Update: What's 200 Points of Profit Among Friends?

SPX captured its first target zone (1980-87) -- after reversing out of the preferred count's downside target zone of 1865-80.  The chart below was published on September 21:

I have since updated the (c) target zone to cover the potential that all it will do is break the (a) wave high.

Below are two updated charts, which pretty much say what there is to say:

SPX 3-minute chart below:

In conclusion, it appears that wave (c) will reach its minimum target at the open, thus validating the preferred count of the past few weeks.  Bulls do still have the option for this to become a true third wave, but I'm still more inclined to think the rally is wave (c).  Keep in mind that a (c) wave could end at any time heading forward.  Trade safe.

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