WaveAlchemy
Short

SPX500 DAILY BULL (INTERMEDIATE ALTERNATE 1 )

SP:SPX   S&P 500 Index
130 0 8
Hi all,

This wave count states that 1) minor B of intermediate 1 completed as a very shallow expanding flat and 2) minor C of intermediate 1 is near completion.

Price is located within minute 3 of minor C of intermediate 1.

Usually, wave C is equal to wave A in length. This will be target 2 for minor C. However, current price is located at 61.8% the length of wave A.

Building the case for 2200s to be the orthodox high, I would like to see minute 4 to begin unfolding here & now before reaching the critical level. This is because usually, if wave 3 is equal the length of wave 1, wave 5 tends to be extended. An extended 5th may propel wave C to equal wave A in length.
Comment: Here is a snapshot of how minor wave C blue may complete its structure.

This count states that 1.) minute wave 3 pink has completed its motive structure in which wave 3 is equal to 2.27 times the length of wave 1 and 2.) minute wave 4 pink is near completion as a contracting triangle.

I will allow the labelling for waves D and E despite the absence of the subdivisions. I

Confirmation = 2175.6




________________
Comment: *COUNT INVALIDATED*

Price moved beyond the end of wave 4. The market failed to maintain above the high, creating a double-top. Wave 4 will be more complex.

This count states that minute wave 4 pink is unfolding as a complex correction, in which the first corrective structure appears to be a contracting diagonal, and the 2nd actionary corrective structure may unfold as a simple zig zag.

In terms of potential trade setups, if micro wave 4 purple forms a clear correction, I shall anticipate the next impulse wave.








Comment: Alternatively, one may count the subdivision of wave 4 pink as a regular flat given the double top. However it doesn't really matter, but it would be slightly inaccurate because wave A should really be a three wave structure, instead we have a triangle formation. We could however make the exception that what we're seeing is a triangle within a flat correction. In which case waves w and x would be relabelled as waves a and b, and the following c wave should unfold as a 5 wave impulse structure.

Comment: If wave 4 has completed as a simple zig zag and has found a true resistance at structure and fib level, then this is a potential short setup in anticipation of subminuette wave 5 of minute wave c green.

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