My previous wave 4 ideas were violated by the strong SPX gains since late Dec.
Looking at the chart I see a possible 3 options for the EW structure so far.
1) SPX has completed INT wave 1 and 2 black and minor wave 1 blue and has nearly completed
minor wave 2 blue. The recent triangle may mark the end of this current correction and if
correct wave 3 minor will start soon and draw SPX to new lows.
2) SPX is creating a leading diagonal and the current wave up is wave 4. If correct wave 5
down will start soon and draw SPX to new lows.
3) The ATH in Oct is not the real ATH and a further correction in the bull run is in place, A,B,C etc.
Currently SPX is approaching the confluence of the 61.8 % fib from the ATH and the 76.8%fib
of the last 5 wave down on a strong momentum divergence. This signals that soon SPX will
soon fall in one of the above options.
Good Luck
Looking at the chart I see a possible 3 options for the EW structure so far.
1) SPX has completed INT wave 1 and 2 black and minor wave 1 blue and has nearly completed
minor wave 2 blue. The recent triangle may mark the end of this current correction and if
correct wave 3 minor will start soon and draw SPX to new lows.
2) SPX is creating a leading diagonal and the current wave up is wave 4. If correct wave 5
down will start soon and draw SPX to new lows.
3) The ATH in Oct is not the real ATH and a further correction in the bull run is in place, A,B,C etc.
Currently SPX is approaching the confluence of the 61.8 % fib from the ATH and the 76.8%fib
of the last 5 wave down on a strong momentum divergence. This signals that soon SPX will
soon fall in one of the above options.
Good Luck
Watch out for a possible fall from here!