elp

SPX EW Count

SP:SPX   S&P 500 Index
Here is an EW count that indicates there is not much room to the upside. If there is one more rally to new highs it could be W5 of an ending diagonal of a 5th wave extension, or W5 truncated at March highs. If this count is correct, W4 could be rather quick. Having alternation with W2, where W2 was a sideways, time consuming running flat correction. W4 could be a sharp correction making a simple ABC down to the 1750/30 level. I could be 100% wrong with this count and price keeps ripping to new highs.
Link to Bulkowski on running flats, 5th wave extensions and ending diagonals.
thepatternsite.com/EWRunning.html
thepatternsite.com/EWExtension5.html
www.thepatternsite.c.../EWDiagTriangle.html
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.