On the matter of the S&P 500, I am long-term bullish. In fact I posted an idea suggesting $380 SPY within the next quarter. After a second look at this past week's price action, I still believe we'll hit $380 SPY, it most likely will be in 2021 though. We've had quite the bullish momentum running for awhile. I think an appropriate step back is about to take place.
I am unsure on the finishing price point of the fifth wave, there are just way too many factors to consider. But I believe this will play-out before we see more bullish mania.
@samitrading, So impulse waves can be used in both downwards and upwards moves. The ABC wave is just the contrary to the impulse. You can have both an ABC wave going in an upwards/downwards direction, an ABC corrective wave is only corrective against the most recent impulse wave, whether that impulse wave be positive or negative. (Impulse wave = 5 wave count)
samitrading
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@ericisom887, so after 5 we will have B up then 12345 of c down.