FX:SPX500   S&P 500 index of US listed shares
401 1 5
Today we delete the symbol (5) and draw on the chart number (1). The description of this wave is done properly,but I guess it has a lesser degree. Here and below the marking of waves done according to classification of offers by Mr. Prechter(“Elliott Wave Principle: Key to Market Behavior” page 27).Also, we delete the symbols (1), (2), (3) and (4) and draw on the chart numbers 1, 2, 3, 4 and 5. I guess we are witnessing the development of the big trend wave 5 (in a circle) now . The rise will consist of five waves. I am ready to consider the figure of (2) as the expanding triangle. Because, it is similar to an expanding triangle, which took place recently. Expanding triangle (2) is consist of five waves. Waves (A), (B) and (D) are the parts of triangle (2) and in its nature it is a five-wave trends. Now turn your attention to the wave (C) and wave (E).You'll be surprised, but the waves have the same structure. They are zigzags. The parts A and C of zigzags must be related by Fibonacci. In this case, it did not happen. But the waves A and C of zigzags have an equal ratio. I believe that correction (2) has been completed and we are already in the ascending wave (3). Take into account that the wave (3) will have a small value. The strong grow this impossible in the summer. But I admit the thought that today we do not see the completed version of triangle (2). And today we are seeing only a part of the big triangle (2). Time will show. In any case, the sharp fall of the market is impossible in the summer. I continue to keep open the long position. Thanks for reading.
8 months ago
Hi, thank you for sharing and an excellent effort in getting to grips with this very messy price action.

However, if I am not mistaken supposed expanding or converging triangle never appear by it self or in wave 2 position. So may be some other configuration is at play than the ones you are suggesting.

I could be wrong but worth checking.
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