Now that we have got that out of the way, let's look at the long-awaited blow-off move that started today. I count this as the start of a 5th wave move, with an ideal target in the 1751 area.
Here's my local count.
SPX 1751 would be an ideal target based on wave equivalence between the huge A and C waves in the entire move up from the March 2009 lows:
|SPX 09-18 5Y|
A strong thrust into the 1740s tomorrow that gives a viable wave count here and touches the far wall of the channel up from SPX 1627 will have me looking for a top. Selling into opex will be muted, picking up next week depending on the elections in Germany. ETFs like SPY will take an initial hit Friday morning when they go ex-dividend.
Overall count of the proposed ABC 5th wave here. This is part of a very large ending-diagonal from the 1266 lows, where we can count each impulse up as a triplet.
|SPX 09-18 60D|
Um, the McClellan Oscillator is kinda-sorta overbought tonight. Just a wee bit.
Good luck out there. May we soon witness the Return of the Bear!
p.s. Lunatic_Fringe had highlighted several fib extensions at about the SPX 1744 level. That may be worth watching, too.