EW count on 30mins chart clearly demonstrates the following patterns being repeatedly played out multiple times while price is slowly shaping the final top of major wave 5.
1. Each intermediary consolidation/top is formed by three EW pivots - wave 3, 5 and its corrective b wave.
2. Each corrective C wave is a clear 5 wave down process.
3. Each uptrend channel's wave 3 consists of two minor degree of 5 wave rally.
The above 3 behaviour have been cloned again and again.
Going forward, we will see corrective wave A, which is part of the 2nd impulse 5 wave up(completed on Friday 9,June) of the major green uptrend channel, likely to retest the Friday low around 2416 area.
Then bounce back 2440-2445 area to complete corrective wave B.
Then repeats the same behaviour of 5 wave down to complete the corrective wave C, potential target in 2385 area. This C leg down would be the corrective 4th wave(x-4) of the green trend channel.
At last, the final 5th(x-5, m-5) wave rally to all time high, near or above 2500.
SPX
Time will tell....will review this chart as the tape rolls along.
1. Each intermediary consolidation/top is formed by three EW pivots - wave 3, 5 and its corrective b wave.
2. Each corrective C wave is a clear 5 wave down process.
3. Each uptrend channel's wave 3 consists of two minor degree of 5 wave rally.
The above 3 behaviour have been cloned again and again.
Going forward, we will see corrective wave A, which is part of the 2nd impulse 5 wave up(completed on Friday 9,June) of the major green uptrend channel, likely to retest the Friday low around 2416 area.
Then bounce back 2440-2445 area to complete corrective wave B.
Then repeats the same behaviour of 5 wave down to complete the corrective wave C, potential target in 2385 area. This C leg down would be the corrective 4th wave(x-4) of the green trend channel.
At last, the final 5th(x-5, m-5) wave rally to all time high, near or above 2500.
SPX
Time will tell....will review this chart as the tape rolls along.