My last post speculated that Minor wave 4 Horizontal Triangle completed at the low of 4/18/17.
It now appears the Triangle ended 4/19/17
which is a Fibonacci 34 trading days since the termination of Minor wave 3 on 3/1/17.
The move up from the 3/19/17 bottom is impulsive and probably the early part of Minor wave 5, which when complete will terminate a five wave pattern up from the 2/11/16 bottom.
Price target for Minor wave 5 is in the area of SPX 2450.
Time target sometime in May.
I expect this to could be a major, major peak. More about this in future posts.
Mark
It now appears the Triangle ended 4/19/17
which is a Fibonacci 34 trading days since the termination of Minor wave 3 on 3/1/17.
The move up from the 3/19/17 bottom is impulsive and probably the early part of Minor wave 5, which when complete will terminate a five wave pattern up from the 2/11/16 bottom.
Price target for Minor wave 5 is in the area of SPX 2450.
Time target sometime in May.
I expect this to could be a major, major peak. More about this in future posts.
Mark