The wave counts these past few days have been really hard to count. Every time it seems that Minuette wave (i) has ended, the SPX makes a new high. Today was my absolute limit for Minuette wave (i).
I am looking for one of two things on Monday. If we break below 1119, we are most likely in Minuette wave (ii), and we may get down to the 1110 area. If we explode to the upside and take out 1130, we are in Minuette wave (iii). If we get neither... well, I will have to re-evaulate the count then. :) But for now, those are the two moves I will look for.
By breaking over 1121, the SPX has just crossed some major fibonacci resistance. The next big resistance is 1130, if we can break over those fibs near 1130, I think 1150 may be a given.
Each line on that chart represents a point of resistance, and you can see that area around 1120 was pretty clustered.
Also, looking at the fibonacci time bands, the next time retracement falls in the second week of January. So for right now, a potential point for the SPX to top would be around 1150 in the second week of January. It also fits in nicely with the fibonacci price extentions.
The US Dollar also continued to pull back today, just as expected.
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