4/5 Daily Commentary

Initially I was looking for the surge peak to occur within the first hour today.  I even "bent" the wave count to align with this expectation.  However, the rally took out my tight stops and carried farther than a 5th wave should have given my initial count.  I then "unbent" the wave count to remove overlapping and this accounted for the larger rally as a wave 3, which normalized it.  Now, the expectation is for a brief, short surge from the 4th wave rectangle (SPX) occurring tomorrow morning.
The I1 peak was today because 4/2 was a holiday.  So today's close should be the high close for this move as the I1 is on a sell signal lasting through next Monday or into Tuesday. 
The SPX 150-month M/A is at 1188.  Monthly M/As are not designed for precise hits but define support/resistance zones.  This zone should extend to 1200.

The DJI 173-week M/A is at 11,060.  This is actually a good outside target for the surge tomorrow morning and a level that I will sell at. 

I posted a smoothed I1 over the weekend which is rounding over at this time into a sell signal bottoming at the end of the year.  There is a page titled Longer-Term I1 Signals.

I intend to cover the shorts that I put on next Tuesday and stand aside until the close of 4/29 which is another sell signal.