The S&P 500 was just short of making a new high yesterday. We should probably expect a new high print in cash today since it is just a few points away. The form up from August 21st low has enough overlap in it that it isn't an impulse. The options are either it is making a 'b' wave type high that is still consistent with a wave (iv) in development or that the August 21st low wave (iv) and that it is climbing in an ending diagonal wave (v). I favor the former because the alleged wave (iv) looks small compared to the matching wave (ii).

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