SPX, currently and probably in a wave 4c. The whole pattern of this abc correction could be a "Expanded Triangle" or a "Expanded Flat" (Target in both cases could be for wave b $3000). So far, wave b is still in its first leg , with a "Extension1" as first wave at the beginning. Remember, the following wave 3 can never be the shortest wave! That's why, I suppose, we are in a wave 4 right now (with the topping wave 3 at 0,618 of the whole correction) and which will build up above the blue support-line. This support will probably be retested! The red lines are possible neck-lines.
On a 1min scale you can see the 4c as an impulse wave. There, SPX is about to finish a wave 3.
On a 1min scale you can see the 4c as an impulse wave. There, SPX is about to finish a wave 3.
Kommentera:
Kommentera:
See pikture on a 1min scale
Kommentera:
See picture on 1min timeframe only: If 4c would be a "Diagonal 1" with a ABC pattern in each leg 1-3-5 and (!) there would be overlapping of wave 2 with wave 4, it would confirm the end of this little correction (wave 4)!
Kommentera:
BTW, on a 1h scale 0,236 would be 2728 (already hit) and 0,382 would be 2710 for wave 4.