There are a couple of ways to label the final resolution of the top. This is the simplest and probably the most accurate. It appears that SPX may have just completed a Minute Wave [iii] and is likely to pull back as far as 1600-1605.

Minute Wave [iii] is exactly 76.8% of Minute Wave [i], suggesting that Minute Wave [v] may have the same relationship. That yields the length of Wave [v] at 34-35.00 points.

The Fibonacci calculation for the larger wave structure suggests a target of 1632-1638.00. Wave [v] would exceed the length of Wave [iii] at 1645-1650, depending on where the bottom is on Wave [iv]. So there is an absolute top limit to this rally.

An outside probability may be that Wave C is finished. That would be suggested should SPX immediately go beneath mid-Cycle support currently at 1582.25.

I have a morning dentist appointment, so I don’t plan on being back until after noon.

Regards,

Tony

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