SPX: possible alternate count in the case of new highs

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Since nothing is cemented in stone, since the daily AI gave a buy-signal on Friday, and since we always anticipate, monitor and adjust, an alternate count needs to be presented. And that is that last week’s low was minor 4, and the market is now in minor 5 to new ATHs. The count and fib extensions show the possible minute waves of minor 5 and a minute v target area based on text-book 1.764-2.000x extension of minute i, measured from minute ii. We then get to SPX $1989-1993. IF this is the case, and today was not minor b (a bit too high for my personal taste, but it is still only 3 waves up since the SPX $1953 low…). Note that this alt count will only come into play if the SPX makes new highs. The INDU and tech already did… Time will tell soon enough!

SPX update 07142014


5 thoughts on “SPX: possible alternate count in the case of new highs

  1. All eyes on DAX for making or breaking . But if 1985 highs are taken out, two more 70-80 point corrections are left till October for SPX to be at 2200+ levels before drop.

    If 1985 not taken out, correction is already setting in.

    • correct, so far prefered count on SPX is still that a c-wave down will commence soon (to ~1935 +/-5) . Followed by intermediate v up to finish Primary III, then Primary IV and V left. V should ideally take SPX to ~2200 indeed.

    • technicals look weak and bleak (MACD is pointing down, heavy -div on daily RSI, etc). Looks like it’s forming a classic M-top. I also think 1920s is on tap next.

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