alx13

SPX - clarity emerges

Short
FX:SPX500   S&P 500 Index
SPX rallied strongly in what looked like a giant short squeeze and broke the green line (see previous idea). Also spiked above the melt-up channel. So that only leaves 1 bear option and one bull.

After the spike above the melt-up channel, it reversed strongly and now broke below it. Which is a bearish reversal, in my view. Lows at red "or 3/C" should be taken out before market makes another high above blue "2/B".

My preferred count is in blue - a complex flat for a 2/B wave, with 3/C down to follow.

In red the alt count is shown.

What is interesting is that the cycles over at mcm point to an important moment reached in the o/n. The currently painted high at 75 ES and ~83 SPX will be hard to be overtaken.

http://mcm-ct.com/

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