WaveAlchemy

SPX DAILY BULL (INTERMEDIATE ALTERNATE 2)

TVC:SPX   S&P 500
59 0 4
Hi all,

This wave count states that 1) intermediate 2 completed as a shallow expanded flat and 2) minor 1 of intermediate 3 is underway.

This wave count is extremely bullish . Minor 1 of intermediate is near completion. The subwave structure of minor 1 is indicative of a potential extended 3rd minor wave, determining that intermediate target 1 ought to be exceeded.

For a slightly less bullish count if minute 3 reaches equality in length of minute 1, the minute structure can be relabelled with minor degree which will see that minor 5 must be extended. In terms of forecasting this means that target 1 is legitimate.

If the market makes a substantial correction falling just short of intermediate target 1, as far as which count to take more seriously will depend entirely on how price unfolds in terms of structure, proportion, depth and form.

The hypothesis of a motive impulse structure for primary 5 is established as alternate 2 for two important reasons: 1) an unusual form/structure and retracement of wave 2 and 2) the location of one higher degree. These are compelling reasons to have slightly less confidence in this count relative to alternate 2.

___________________________

Confirmation = n/a (wait for minor 3 to break the high of minor 1)
Invalidation = 1990
Target = 2280

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