FX:SPX500 S&P 500 index of US listed shares
The index is moving upwards. At the turning point on the chart I wanted to see a tapering triangle. Today I see this tapering triangle. But this triangle is stretched to the top. It has a size smaller than I expected. Because this wave of less degree. Call it a tapering triangle 2. Wave (1) is completed. I think the market is only now set about forming a tapering triangle (2). It will take some time. Probably, the triangle will be a bit stretched to the bottom. I'm not sure. The length of the triangle (2) will show us the probable width of the channel. I'm looking for wave of number five. The trend is always consists of five waves. On the chart at this place should be the last wave. I do not see it . I made a lot of attempts to present part of the chart from September to November as a wave five. I asked myself the question : «Maybe we are seeing the truncation?» But in this case we need to see the structure of last wave clearly. It should consist of five waves, too. I do not see that too. The good news is volatility in the market become less. Small details waves are seen clearly. Probably, it will simplify the description of further upward movement and made the future picture of more clearly.