This chart updates my idea from 17th June in that intermediate wave (2) is complete and intermediate wave (3) is underway. Minor wave 1 (blue) completed with a leading diagonal and retraced 61.8% for minor wave 2 blue. Minor wave 3 (blue) is underway and once again the long term 2009 trend line has been breached. Target for minor wave 3 (blue) is around 2695. Good Luck.
Comment
⋅
Minor wave 4 blue may be complete at 50% fib retrace, look for wave 5 blue starting soon.
Comment
⋅
Minor wave 4 completed at 2733 and minor wave 5 is underway. Targets are 2697 or 2696 where wave 5 would = .618 waves 1-3. Good luck
This is my same interpretation. Target 2700 +/- for wave 3. Big question for me would be: what does wave 5 do if the above plays out? Does it take the SPX below about 2675 (a critical area of support)?
Geofftv1
⋅
@CryptoTA4U, Good question, lets wait until what wave 4 looks like first, then it may be possible to estimate a target for wave 5.
CryptoTA4U
⋅
@Geofftv1, Looks to me like subwave 3 (of the larger wave 3) completed just under 2700 as planned. Subwave 4 retraced just shy of the 38.2 mark (which was 2723). So tomorrow unless we get a continuation of subwave 4 higher, we will find out what subwave 5 does and what the extent of the larger wave 3 will be. If we get a bunch of choppy sideways action for next day or two, then 2675-2700 may be a relative bottom and we could see a new impulse move back up. If SPX breaks below 2675, outlook becomes bearish (my bias).
Geofftv1
⋅
@CryptoTA4U, Yes, I agree with your thoughts on this, a snapback rally is very probable.