It certainly looks like the rise since June 15th lows on the SPX is shaping up like a classic Ending Diagonal.
I have put the wave counts as best I can fit them.
Today's rise on the surface didn't "look" complete to me and I put good odds of pop up tomorrow above the upper trendline - what Elliot called a "throw-over" and which I usually just call an "overshoot" which classically traps new bulls in - before reversing quickly - either the same day or within 1-2 trading days at most.
IF however prices rise above this trendline and continue the movement impulsively and close the week above it - then this ending diagonal count gets seriously called into question - but so far price has been respecting it including the upper trendline resistance.
We need to see a break of the lower trendline to have a confirmation the ending diagonal is complete and the bearish trend to the downside has begun.
It is to be noted that classically ending diagonals retrace to at least the beginning of the move - which in this case would be a move down to 2965.
@cyrusgr8, Wow, sick call! Got stuck right at that bottom support. Solid chance it executes the rest of your line tomorrow.
cyrusgr8
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@ProfitHarvest thanks. Yeah the bulls trying to defend that trendline hard but I only see correction from the trendline bounce. Futures still some ways from breaking trendline but looks like consolidating on 15 min chart and trend down should resume tonight in Asia and Europe.
I remember in the year 2000, before the market fell, I was seeing Intel after hours falling, I was just looking red in nasdaq level 2 .... deja vu?
stealthy1234
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We are getting quite close to "game time" as it is getting narrower by the day. The Fed has painted itself into a corner, insiders are selling and value investors are no longer relevant (this scares me the most). "They" say everything is fine because the market is forward looking. I agree, and I do not see good things.
cyrusgr8
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@stealthy1234 yeah I wish I could char t inside selling on this platform. That's another biggie.