My prior post noted that the SPX Ending Diagonal Triangle (EDT) would be wrong if
the 5th wave up was longer than the 3rd wave up.
That point was reached on the open of SPX trading on 9/18/17 and opened the door for higher prices
which is what happened as the SPX quickly rallied to 2508.30.
If the SPX was in a healthy bull market this upside break through would continue the entire
trading day with only shallow intra day declines.
Instead the entire rally from the open was wiped out, this implies the rally that began
on 9/12/17 is in the later stage.
FOMC meeting is 9/19/17 - 9/20/17 the SPX will probably trade in a narrow range
until the FOMC announcement at 2:00 PM -ET.
The mass of evidence still indicates a major SPX top is forming. If the
bulls can push the SPX to a new high, a significant top could be made just after the FOMC announcement.
Its also possible a significant top could be in place at the 9/18/17 high.
The situation will probably clear up after the FOMC announcement.
Mark
the 5th wave up was longer than the 3rd wave up.
That point was reached on the open of SPX trading on 9/18/17 and opened the door for higher prices
which is what happened as the SPX quickly rallied to 2508.30.
If the SPX was in a healthy bull market this upside break through would continue the entire
trading day with only shallow intra day declines.
Instead the entire rally from the open was wiped out, this implies the rally that began
on 9/12/17 is in the later stage.
FOMC meeting is 9/19/17 - 9/20/17 the SPX will probably trade in a narrow range
until the FOMC announcement at 2:00 PM -ET.
The mass of evidence still indicates a major SPX top is forming. If the
bulls can push the SPX to a new high, a significant top could be made just after the FOMC announcement.
Its also possible a significant top could be in place at the 9/18/17 high.
The situation will probably clear up after the FOMC announcement.
Mark