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During the last three days, SPX (15') finished a "Minuette"-wave 4. "Minuette"-wave 3 has been more than 2.62 of the first wave (Extension3). The rules predict, that a wave "5" often equals wave "1", if wave "3" is extended. In this case the target (T1) would be 2403.
A 2nd scenario could be, that the SPX is still in a "Extended Flat"-pattern. So, "Minor"-wave 4 (brown) would be a "Minute"-wave a and the whole actual wave would be a "Minute"-wave b (Corrective ABC pattern, ZigZag ). If this would be the case, the second target (T2) at 2427 would be the target for this wave "b" and the counting would be different. The following and final wave "c" would retrace 1.618 and this would fit with the 0.382 (2280-2304) of the whole correction-pattern.
BUT (!): The last leg ("Minute"-wave c of "Minor"-wave 4) of the pattern shown above, has been an "Ending Diagonal", which indicates that the correction should be over...
A 2nd scenario could be, that the SPX is still in a "Extended Flat"-pattern. So, "Minor"-wave 4 (brown) would be a "Minute"-wave a and the whole actual wave would be a "Minute"-wave b (Corrective ABC pattern, ZigZag ). If this would be the case, the second target (T2) at 2427 would be the target for this wave "b" and the counting would be different. The following and final wave "c" would retrace 1.618 and this would fit with the 0.382 (2280-2304) of the whole correction-pattern.
BUT (!): The last leg ("Minute"-wave c of "Minor"-wave 4) of the pattern shown above, has been an "Ending Diagonal", which indicates that the correction should be over...
Geofftv1
I count 9 waves in the flat b wave and thus think it is over, especially given the ending diagonal and the double top made. Those gaps in the B wave will be acting like magnets to be filled soon. Good ANALYSIS!
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wolfah
Geofftv1
@Geofftv1, Many thanks! Gaps could be closed, either as a wave "2" ABC-correction or as a impulsive wave "c" Flat. Cross-checking with NDX does not allow an "Expanded Flat" any more (NDX could have finished "Minor" wave 5 (if 1:1 with wave 1, because of wave "3" extension) on a daily chart AND confirmed on a 1'-chart. I'm still bullish, but let's see what happens next days...
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