Let's dot the i's and cross the t's.

FX:SPX500   S&P 500 Index
204 0 3
The description of the trend wave (5) is done properly. With the description of wave (E) the case is more complicated. Let's stop. We delete the symbol (E) and draw on the chart letter (A). Later I will explain why. The values of wave 3 and 5 must be related by Fibonacci. On this chart, I used it to calculate the value of wave 5. Moreover, I wanted to see the extension of wave 5. Usually, one of the waves 1, 3 or 5 has an extension. But the waves 1, 3, 5 are equal in value. To my regret, I do not see a well-formed wave trend 5. It must consist of five parts. Let's assume the wave (A) has been completed on May 19th, 2016. In this case, already we are seeing the completed version of wave (B). This is the first version of events. But I have an option number two. The fact is that I do a detailed analysis of only the index s & p500             . This is due to the fact that a futures contract on the index of s & p 500 has the highest liquidity. The rules of the wave theory on the charts of the index s & p 500 always work better than on the charts of Dow-Jones and Nasdaq. Fibonacci levels, linking the waves on the charts s & p 500, tend to work more precisely. However, every day I study the charts of Dow and Nasdaq. The fact is that the waves of small rate sometimes have more accurate contours on them than on the charts s & p 500. This allows to orient more precisely in large waves. Now turn your attention to chart of the futures contract on the index of Dow- Jones .Firstly, in the gap of the chart I painted the possible image of the wave A. Secondly, wave B has dropped below the point of completion ofwave D, which makes figure 2 more alike to the tapering triangle. Let's call the figure 2 of tapering triangle. In this case, the figure 4 is an expanding triangle. Moreover, I show you an example of such a wave. After thinking a bit, I came to the conclusion that we should not hurry to make a final assessment of the situation. Both the options suggest that the market should move down. But that's not all I wanted to say. We go back to the range of 2000-2120 points for a long time. This corresponds to the summer time.
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