SPX correction: Likely to move up to 2720 and then down to 2680

May 16, 2018

SPX is correcting in an ABC pattern as I expected (please see my chart below). A wave is now complete and B is in progress which is likely to take SPX to 2720. C wave could start at that price level and take SPX down to 2680. Interestingly, this level also coincides with the top of the triangle (dotted green line). SPX could retest the apex of the triangle and move up from there.

SPX breakout and correction:

May 17, 2018

Note

C wave appears to be in progress now.