SPX likely to make a new high
Although the $S&P 500(.SPX)$ 5-wave advance suggested more time correcting or a deeper pullback, confidence in further downside has dropped with $NASDAQ 100(NDX)$ already making a new high and SPX likely to follow this week.
The bullish divergence at the Aug 1 low may now serve as the swing point for the next wave up. While some sideways action is possible before breaking out, I’m not expecting much more downside — if any.
The ideal buy level remains 6178, but the odds of reaching it have decreased, as the Aug 1 low may have marked the extreme of this correction (see my $Dow Jones(.DJI)$ + $iShares Russell 2000 ETF(IWM)$ projections).
I’d like to see some consolidation, but I believe we’re already close to starting the next leg higher toward 6500–6800.
$SPDR S&P 500 ETF Trust(SPY)$ $E-mini S&P 500 - main 2509(ESmain)$ $Invesco QQQ(QQQ)$ $E-mini Nasdaq 100 - main 2509(NQmain)$ $E-mini Dow Jones - main 2509(YMmain)$
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