SPX (Part 3)

Finally, we've got our Minor 4.
Anyway, if you look at the chart, it also could be a "Minute" abc corrective pattern (c=Impulse wave), instead of an "Minute" wxy (Y=corrective wave). Next step could be, the approach to the horizontal magenta resistance line. If it happens, this could be a further confirmation for "Minor" 4 and the correction of the past weeks is over.

Scenario 1: Direct Breakthrough of the magenta line!
Scenario 2: Pullback near the line with formation of a 2nd shoulder (Takes more than a day!)

We will see, FED is about to speak...

Good run so far!

Wolf

Comment:

We see a "Subminuette" 1,2 and a 3 and are in a 4. Today probably, SPX will try to break the upper resistane line of the magenta channel. (Elongation of Wave 5 equals wave 1 or is 1,618 of wave 1.).
Scenario 1: Consolidation within the channel.
Scenario 2: Direct break