The market continues to stair step higher. Bears are still in disbelief and folks are still trying to short this market without success.
So will the bears have what it takes next week to bring an end to this leg up? They need to bring their A game early next week or 1352-1365 is on the table for further upside targets.
I have three options going into next week:
1. The ED (which I'm a little leery of until it proves itself) is complete. It appears that a 1-2 down may be in the works. Based on this count, wave 3 down should start on Tues next week. A new high obviously negates this count.
2. The ED requires one final push. Wave 5 cannot exceed 1345.83 or this option is out.
3. A more bullish push to 1352-1365 is in the works. (see the two charts below). *** I think there is a pretty good case for 1352 due to a heavy Fibonacci confluence. See below***
The ED Option
COMPXCOMPX may be confirming SPX.
COMPX 10 MinA clear five waves down, three up and kissing the underside of the wedge's trendline.
I continue to maintain that a wave is extending in here and it has been difficult to pinpoint.There are two options on the chart above. Notice the Fib extension of black 1 targets 1352 at .618? Look at the Fib confluence below targeting the 1352 area.
