S&P 500 Wave 5

SP:SPX   S&P 500 Index
90 3 1
SPX             looks to be in wave 4 with a potential wave 5 ending at 1866 which is the 1.618 Fib extension of the wave 4 retracement.
I agree! But difficult to determine the end of wave 5 which doesn't have the limitation of having wave 3 (48,09 point) being shorter than wave 1 (42,72), so several options are open. Wave 5 could truncate and make a double top or move further on than your 1866. Another possibility is a wave 4 into wave one violation (we don't know yet weather wave 4 is over and making a flat correction). Then we could have a ending diagonal and your 1866 seems more likely BUT!!!!! Time will always. Safe trading BM
WallStScalper WallStScalper
A fully abc (zig zag wave) correction for wave 4 is around 1817 top of wave 1 is in 1811,08
olijoel WallStScalper
Me too agree. I also see wave b of 4 formed a triangle if you look at it in a 30 min chart. Lets see how c turn out to be today. Yesterday after market finished the triangle, went down to start c; looks like wave 1 and 2 of c is finished. My target is 1819.
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