S&P 500 New Alternate Counts, USO

S&P 500

I have identified two new S&P 500 alternate counts. Of the four counts two indicate higher prices from here, one indicates lower prices and the other indicates a more sideways pattern before another leg up.


Crude Oil

Crude Oil etf USO still looks bullish with a target near 41 or 44. A move below Wednesday's low would probably negate that view.

S&P 500 Alternate Count

I am looking at an S&P 500 alternate count with June 11th being a fifth wave high. Wave two support would be at 888, 845-857 and 811-821.

Stock Market Update

S&P 500

The S&P 500 appears to have completed a bullish cup and handle formation. This may increase the chances of a fifth wave extension, however my current target remains 980-1000. Next resistance past 1000 is at 1018.


NASDAQ Composite

The NASDAQ count shows that we are now in a wave 3 (or C). A wave 3 count may correspond better with a fifth wave extension on the S&P 500. The next price target is 1997 and I would not be surprised to see at least 2200 before waves 3, 4 and 5 complete.