Coloring Between The Lines
By
Avi Gilburt
With the market just meandering between resistance and support, there really is not a lot I can add to the analysis right now.
Support remains at 6900SPX, and resistance is clearly the pivot. My primary is looking higher for now, especially as long as we holding over 6900SPX support. The next target is delineated by the target box for wave iii in the 7100-7127SPX region. Should we reach that target, support will be raised to the 7010-7040SPX region.
And, of course, if the market breaks 6900SPX support, a follow through below 6824SPX would make it likely that a larger degree top has been struck, with confirmation coming on a break down below 6720SPX. That will have us targeting the 5700-6100SPX region for a larger degree correction, and maybe even the start of a long-term bear market.
Parameters are set.
