Should be in our final push higher to end this rally from 4100. And we should get some sort of a retracement. And then we'll find out if we're going to 5,000 or 3,000.
A small possibility of another triangle for a bullish scenario. If this is a 1-2-3 and not a A-B-C for a wave 2. We could be in a reverse triangle for a bull rally.
Updated chart. The triangle is a good indicator that the thrust higher off of the triangle should be the final higher high and complete this rally off of the lows. We're over due a retracement either way if the market decides to go higher or lower. In this rally we haven't had a 38% retracement for the 22 days that we've rallied. Whether you'r ebullish or bearish...
Need follow through tonight and tomorrow. The high should be in by 80% or 20% chance it could go higher.
Looks like a bigger triangle has formed. Look for one more new high.
Here's the big Picture. This could be a C wave correction or the beginning of a bear market.
I didn't like my previous post and decided on this one instead.
This could be another possibility. We could get one more new low.
I think this selloff could go deeper with some bad news mixed in. I think the minimum would be 4165 and possible to 3800 with some war news over the weekend. The low should be in by Friday or Monday.
Lots of gaps below. Would be surprised if some of them don't get filled. Could have 1-2 I-II set up.
Lots of gaps below. Would be surprised if some of them don't get filled.
Possible wave count for this rally to the downtrend line. Except one more new low. 4150-4165
Looks similar to 2015 C Wave correction. This could also be a possible C wave correction.
This 2015 C Wave correction looks very similar to our current chart.
Don't get too Bullish yet. Should see one more new low.
Here's the bullish count. Watch the close today and see if we close above or below the downtrend line.
Sorry I was in too big of a hurry. My previous count can't be a Contracting Diagonal because it takes too much time for wave 4 so it has to be a expanding Diagonal.
The SPX is at its downtrend line. This is the only way I can count this rally as a C wave to keep a bearish count alive otherwise we have to which to the bullish count. This would be the last stand for the bears. Either way I except new highs in a few months.