mikeoakster
Long

Sky rocket?

FX:SPX500   S&P 500 Index
81 views
5
81 2
As I see it, each impulse has been followed by a zigzag or double zigzag .

Each impulse has also been reaching a higher high, while the following corrections have been ending at a higher low.

Besides that, each impulse has not been reaching the proper Fib target for a 3rd wave.

Therefore, I see this progression as a series of nested 1-2, which could mean the market is building the ground for the new all time high to be achieved with a five wave impulse rather than with a three wave corrective pattern, hence favoring the Minute wave v count instead of the Minute wave b for an expanded flat.
My count is different from yours, and I suspect your chart is based on the futures market rather than cash. Nonetheless, I also have a five wave count in progress with wave 1 expected to complete in the 2380 area followed by wave 2 back to around 2358. If correct, the market will then enter wave 3 (of 3) upwards, which, as you say, could be a 'suprisingly' strong upwards move not expected by most observers.

My target for completion of the upside is 2590 to be reached in June/August.
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Hi, kunsan. My analysis is on the SPX500 (futures), yours is on the SPX (cash). As they are different instruments, their respective EW analysis results will also be different. I analyse the futures CFD because it's the one I trade.

Overall, you agree that the direction of the market is up, so that's fine. Thanks for sharing.
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