Weekend Update

No video this week.

My primary count is that this move up from our 1055 low is minuette wave (iv). So far, we have a wave W and X that have fully formed. We could get an up move early on Monday to complete wave y. The target for the up move is between 1095 and 1100.

If we break 1103, I think this count could be wrong. 1114 is the low for wave (i), and as we know, wave (iv) must not cross into the price range of wave (i). So a break of 1103 would imply a deep wave (iv), which doesn't make sense at this point.

Any deep retrace would most likely imply a wave 2 of some sort. I don't think we will break 1114 on Monday, but do watch for 1103. Key pivots for Monday are 1095 and 1100 to the upside and 1070 and 1055 to the downside.

1114 is also a very important number on the daily charts. This is the level from where we had that huge candle on Thursday.

As you can see, there is a pretty large gap to be filled there. Only a Minute wave [ii] will fill this gap.

The USD is also in pullback mode, which may help fuel the SPX to retrace in a wave (iv) or wave [ii].

I have the retracement levels marked in boxes on that chart.

So it will be interesting to see what happens on Monday. It will be key to watch the momentum to the upside on Monday. Choppy waves may imply a wave (iv), while a strong up move might point to a deeper retrace coming, perhaps wave [ii].