U.S. stock market’s steady gains open door to new highs

With the S&P 500’s break past 2,915 points, the door is open to 3,000.

So let’s discuss what it will take to keep pressure toward 3,000, which would be another new record, and what that would mean for our Elliott Wave charts.

In the simplest terms, the S&P 500 SPX, +0.47% now has the opportunity to provide us with something we have not seen in quite some time: a clear five-wave structure. That structure has been tracked off the March lows. That would place us in wave v of 3, as highlighted on the attached five-minute chart. This means that the market “should” continue higher toward 2,965 this week.

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