Wave (3) is completed.

FX:SPX500   S&P 500 Index
45 0 1
Wave (3) is completed. I think we are already in wave (4). Wave (4) is expanding triangle. The very meaning of the formation of the expanding triangle (4) lies in the fact that the market, by reaching the maximum, has some doubts whether it should go on growing to the top. It is at the value of the previous maximum for some time. At this time, the formation process of the correction of the expanding triangle takes place (4). Then there is a break through the line of resistance and the final movement upwards. Probably the expanding triangle (4) will be positioned horizontally and the time of its formation will be more than that one of the tapering triangle (2).
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