Geofftv1

SPX - A number of options?

SP:SPX   S&P 500 Index
My previous wave 4 ideas were violated by the strong SPX gains since late Dec.

Looking at the chart I see a possible 3 options for the EW structure so far.

1) SPX has completed INT wave 1 and 2 black and minor wave 1 blue and has nearly completed
minor wave 2 blue. The recent triangle may mark the end of this current correction and if
correct wave 3 minor will start soon and draw SPX to new lows.

2) SPX is creating a leading diagonal and the current wave up is wave 4. If correct wave 5
down will start soon and draw SPX to new lows.

3) The ATH in Oct is not the real ATH and a further correction in the bull run is in place, A,B,C etc.

Currently SPX is approaching the confluence of the 61.8 % fib from the ATH and the 76.8%fib
of the last 5 wave down on a strong momentum divergence. This signals that soon SPX will
soon fall in one of the above options.

Good Luck
Comment: SPX has hit my target zone on a new recovery high NOT confirmed by the DJI.
Watch out for a possible fall from here!
Yes, but I see the A,B as the triangle formation just below 2600.
Reply
Geofftv1 kunsan
@kunsan, Yes, possibly. I placed it at the position shown as the same structure occurred in the DJI which is much clearer.
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