It looks that the recent sharp leg down was the Wave C of Wave (4) and hence we can see a little more upside as Wave (5) takes it's course. In any case precaution must be taken and strict stops must be put in place as the alternate count in Black can not be neglected at this point. I will update further as this market progresses.
Expecting the start of Wave 3 in the SPX, as long as the market stays above the black trendline this count should be considered valid. If the count is correct then we will soon see formation of new highs. From a trading point of view the invalidation level is at 2320. As this market progresses and confirms the count, I will update it further for possible targets.
StoppLoss 2374.... weakness under that level, could be a bad sign. Will do another rethink of the bull/bear situation then, maybe with some updates here.... Will Ichimoku cloud support SPX at this price too ? Pivot 2384 could be some resistance....? Nothing is obvious in this situation, but I put the Hidden Bull dvg to do its job untill bear take over.
Everybody expects a correction. Sentiment isn't top-like in my view. Today's little selloff immediately triggered buying and yielded a bullish hammer candle off current range lows. The bullish hammer is further accompanied by bottoming slow stochastics, to me a signal of a fresh bull leg higher. Again, with everyone bearish out there, the risk is to the upside. ...