The 1039 pivot held and produced a pretty large bounce back up to the upside. However, we did slightly break our previous low on the SPX, so wave v of (iii) did not truncate. I am however concerned about this bounce back that we got. It was pretty powerful and it sure did not feel like a wave (iv).
We are also approaching the limit wave (iv). 1069 was the low of wave (i), and wave (iv) must not cross into wave (i) territory. We have also broken the 38.2% retracement and the 50% is at 1069.
This certainly looks like an issue for the bears. If they cannot push it down on Monday there may be a slight change to the count. I wasn't happy with this count from the start of wave (iii). I had said before that it didn't feel very bearish.
I will try to have more over the weekend and try to look more into possible wave counts that could play out on Monday.
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