The market opened higher today, rallied right the edge of the OEW 1956 pivot range, then started to pullback for the first time since Monday’s open. The rally from last week’s Major A low at SPX 1821 has progressed in three Minor waves: 1898-1978-1949. At today’s high wave ‘c’ was nearly equal to wave ‘a’. This may have completed Int. wave A, and a downward Int. B could be underway. Support for Int. B should arrive at the 1901 or 1869 pivots. After that we should see another three wave rally to complete Int. C/Major B. Should the market hold the OEW 1929 pivot range, there is the possibility of one more push to the 1956 pivot to form a negative short term divergence.
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