Whither SPX? Update 170814

Following up on the S&P 500 chart I posted last week, It appears that SPX came down to my 3rd target level. A bit below where I thought it would turn. It's now rocketing higher (along with the DOW) on this mornings opening. The fact that it did not breech the 2431.8 handle tends to confirm my analysis that this is wave 4 of this leg of the 1 hr chart and SPX has a bit more upside to it. Final confirmation that it's going to go higher will be If it holds this move and breaks above 2490.8. If this plays out, I suspect it will pull back and test that level (maybe multiple times) before again moving higher. If that happens it will tend to confirm that we're entering what should be the 5th and final wave of wave 5, of wave 5, of wave 5, of wave 5.

Does this mean the market will suffer a severe correction soon? Absolutely not! Wave 5 could extend 2, 3, or more times before that happens. BUT! It will leave little doubt that IT WILL HAPPEN in the not too distant future. We shall see ...