February 04, 2013 at 09:35 AM EST
SPX Update: The Rally Has Now Completed Minimum Expectations
The short-term wave counts have performed about as well as they can for the past five weeks. Thursday's update noted that the market may be approaching an intermediate chop zone but also expected that S&P 500 (INDEXSP:.INX) was likely forming a very small fourth wave so the short-term was still anticipated to resolve higher.  In that session the SPX tested the 1500 +/- support zone; then on Friday the market gapped up and came within roughly 5 points of the intermediate target zone of 1520-1530.    There is a chance that's all she wrote for this leg of the ...
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