Yesterday’s analysis expected more upwards movement for Thursday’s session, which is exactly what has happened.
The wave count remains the same.
Click on the charts below to enlarge.
Intermediate wave (4) lasted 14 days, just one more than a Fibonacci 13.
If intermediate wave (5) exhibits a Fibonacci time relationship it may end in a Fibonacci 13 days (or sessions) on 28th October. Please note: this is a rough guideline only. Within this wave count there are few Fibonacci time relationships at primary or intermediate degree. Sometimes this happens, but not often enough to be reliable.
October is a common month for big trend changes with the S&P 500. This wave count could very well complete the structure for intermediate wave (5) this month, and maybe even this week.
Within primary wave C intermediate wave (3) was just 0.76 points longer than 2.618 the length of intermediate wave (1).
Ratios within intermediate wave (3) are: minor wave 3 was 16.23 points longer than 1.618 the length of minor wave 1, and minor wave 5 was just 2.14 points short of 0.236 the length of minor wave 3.
Ratios within minor wave 3 are: minute wave iii was just 7.66 points longer than 1.618 the length of minute wave i, and minute wave v has no Fibonacci ratio to either of minute waves iii or i.
At 1,764 primary wave C would reach equality with primary wave A. If price continues through this first target then the next target would be at 1,781 where intermediate wave (5) would reach 0.236 the length of intermediate wave (3).
Within intermediate wave (5) no second wave correction may move beyond the start of the first wave. This wave count is invalidated with movement below 1,646.47.
Upwards movement does not show any increase in upwards momentum. I expect that within minor wave 5 minute wave iii is incomplete. I would expect to see a small increase in upwards momentum tomorrow.
On the five minute chart the structure within minor wave 5 has so much overlapping at this stage, it is not possible to see a completed third wave in the middle or anywhere apart from the very first wave up. This structure must be incomplete.
The target remains the same. At 1,765 minor wave 5 would reach 0.382 the length of minor waves 3 or 1.
Minor wave 3 is close to equality with minor wave 1; it is just 1.46 points shorter. This limits minor wave 5 to no higher than 1,803.9 for this wave count.
Within minor wave 5 no second wave correction may move beyond the start of the first wave. This wave count is invalidated with movement below 1,740.5.