SPX: The correction after the previous high which most chartists

assumed to be a wave 5 top failed to materialize. I have an alternate count which I am elevating to preferred status. Here the previous high is simply a wave 4 and the subsequent correction fits a weave 4 to a tee. The attempt at the long term trendline was the third which failed. It might succeed at the next (Rule of 4).

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While it is true that there is no 4v1 overlap, wave 3 is still a diagonal in the sense that most of the subwaves are 3 waves. As such, I have revised the count slightly.

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Using ES for after hours

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Roadmap