UPDATE: S&P500 5-3-5 ZIGZAG CORRECTION (4H)Just an update to my post from Sept 30th. Based on the movements since then, and the fact that we have reached the previous high of about $3430, I no longer believe we are in a 3-3-5 Flat type correction. Instead, based on my updated count, I believe we are in a 5-3-5 Zigzag correction. So, I am still expecting downside on the larger time frame as I still believe we are on the final leg (Wave 5) of an Expanding Triangle which may terminate just above $2000. For the short term, I believe this upside move (Wave A) will terminate around $3475 and head down towards $3450 (Wave B). We should see another move upwards again terminating above or at $3475 to complete Wave C. At this point, I would start bulking up on short sells to ride the longer term downside move. If at anytime we breach the ATH, I will have to reassess.
