mikeoakster

Approaching the end?

SP:SPX   The S&P 500 Index
Good evening.

It appears to me we are approaching the end of Minuette wave y of Minute wave iv, just like it happened with Minuette wave y of Minute wave ii.

The internal structure of the current uptrend seems to me as being a corrective triple zigzag , being each zigzag contained in its own channel, and never challenging the top of the channel, by the contrary, breaking out the channel to the downside, therefore showing weakness.

Target confluences:
- 61,8% of Subminuette wave y.
- 61,8% of Micro wave A.
- Near the base of the first uptrend channel (red), meaning it's a pullback.
- Near the top of the main channel (black).
- Near the gap.

Hope I'm wrong! If not, one more push up (maybe closing the gap and touching the top of the main channel), and then we are about to start another big wave down, headed to the base of the main channel, where an open gap is waiting to be closed...
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