S&P500 complex enough for you?!

My last update I ended with "Lastly, note that I label the larger waves as i/a, 2/b etc, because we can never know before hand if a move -even if 5 waves- in either direction is the start of a new impulse (i,ii, etc) or part of a correction (a,b,c) where wave a and c are also 5 waves... So to prevent hubris, always label them as both initially until the market eventually tells you which it is. Yes even c-waves can be made up of three waves, and are not always and necessarily comprised of five waves!"

Well, we indeed only got three waves down, thus that was corrective: anticipate, monitor, adjust if necessary.

With today's rally, which is still also and only three waves up off last Friday;s low, and those three waves down last week, the best pattern that fits the current price action right now is a triangle (a,b,c,d,e) with wave-e now underway. Triangles are one of the hardest patterns to forecast and foresee (nobody knew with all certainty early August this pattern would transpire, and how could one?!).

Today's high could already be enough for wave-e (the final wave), but we can set a target zone of SPX 2920-2935 right into the upper trendline depending a bit on how strict one draws it. Above that -and especially above SPX2945- and something else is going on. Note that the previous two monster gap ups at open were filled and I expect the same to happen in the not too distant future.

Trade safe!