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
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SPX has hit my target zone on a new recovery high NOT confirmed by the DJI. Watch out for a possible fall from here!