Today the SPX broke above a very important resistance point at 2285.92 this is where the supposed wave "3" was equal to wave "1" of the rally from 02/11/16.
Illustrated is the new wave count and alternate count.
Short term the rally from 11/3/16 can count as a developing five up. If this completes it could be either wave (I) up of the next five wave impulse or wave "A" of a developing double zigzag.
In either case any subsequent decline would just be a correction of a larger developing bull market.
I will have an update on this soon.
Mark
Illustrated is the new wave count and alternate count.
Short term the rally from 11/3/16 can count as a developing five up. If this completes it could be either wave (I) up of the next five wave impulse or wave "A" of a developing double zigzag.
In either case any subsequent decline would just be a correction of a larger developing bull market.
I will have an update on this soon.
Mark