Ending diagonal still preferred, but needs to hold today's low By Avi Gilburt | June 22, 2017
Following the Elliott Wave analysis:
The market continued lower into the afternoon, dipping briefly below the 2433 SPX support before rebounding into the close. As long as the low today holds, then there is still a very reasonable chance to see the circle wave 5 up to 2458 SPX still to complete the ending diagonal wave v of (iii).
However, today's downside is about the limit that I want to see for the circle wave 4, so if today's low were to break instead, then I would be much more cautious looking for further immediate upside. Instead, I would consider the alternative count placed on the chart in red, where the June 9th low completed an A-wave of an expanded flat, and Monday's high was a B-wave. That would place price in a C-wave down to complete the expanded flat which can still see lower near-term into 2423 - 2410 SPX.
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