FX:SPX500   S&P 500 Index
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I've been following this script for over a month now, and it's played out fairly close to expectations. I'm looking to thin longs from the 1800s in the 2080 region, then reload between 2000-2030 for one more push up near all time highs. Technical divergence on presumed coming high in iii would further support a brief topping in price. This divergence may persist throughout wave v of 1.

This is no time to add new longs imo . Wait for the pull-back in iv. Higher confidence on long-term entries would be on wave 2 in coming months, or even on taking out the initial expected wave 1 high after wave 2 completes. (Better illustrated on a daily chart ).

The white line merely signifies where wave v would equal wave i off the low; its placement in time is purely notional at this point (note, wave v does not necessarily need to equal wave i).
The only thing confusing about today's action is whether wave iv is complete already, forms a triangle, or gets one more nominal low. Into wave i price territory and I'm thinking low 2000s are on tap next in the larger degree wave iv...but primary expectation is still the higher v of (v) target to complete minute wave iii.
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Perspective.
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9pin nick.holland78
Nice work. +1 and agree with your trading approach
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And a bit closer. Looking to thin longs tomorrow. No shame in reducing risk after 3 waves following such a strong rally. Over the "Support" region I'm going to keep looking higher. Below support and I'll step back and look at other possibilities. The Leading Diagonal (shown in blue) and corrective wave A (shown in pink) are two which could be considered IF support fails. The LD possibility would remain bullish whereas the A could in fact be all of wave (X), leading to a wave (Z) into the 1700s. Just can't believe the bears arguments at this point, but keeping an open mind and letting price tell the story.
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Here's a closer view at recent price action.
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