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S+P 500 just now priced to reopen above 5,000 but what about the future?

Some while back an update here noted the chart based potential for the S+P 500 to press substantially higher, if the index rose above the existing all time high back then, at 4,819. Well, as you can now see that move is very much underway. Back then I was looking at a potential longer-term fifth wave count on the index and the potential for this wave to potentially extend on the topside. I said back then, I would provide more detail in due course and so I am looking at that here today. So, if this is wave 5 and I looks like it is, then the minimum projection above the top of wave 3 (4,819), would produce a move at least equal to that wave. So, if we take the bottom of wave 4 as being set at 3,491 and then add the length of wave 3 (2,628 points), it arrives at a minimum projected wave 5 target at 6,191 and I am sure that I am not the only one looking at this. Now, that is by no means a cast iron outcome and IMPORTANTLY it must be stressed that any wave 5 can stall at any point along the road. Right now that prospect is not on the table it seems, with the S+P 500 futures just now priced to reopen at around 5,005

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