SPX500 - Complex correction should give way to new lows

This move up is most likely a complex correction. (multiple zigzags). As such, when the lower line is broken it should lead to lower lows. The question is just how low and will that lead to a break of the greater trendline or a bounce and return to the uptrend. We will probably know in a day or so.

The alternate scenario is that this is a leading diagonal and prices will just go higher without much retrace drop. But this view is not my favoured view right now.

More fireworks coming tomorrow folks!

Comment:

There we have it folks. A bounce of the long term trendline. The low that is in place now will be the most significant for the trading days ahead. The question now is how far up doe the retrace go. Will it lead to new al time highs?