If we are in the 5th wave of the Ending Diagonal, that wave will unfold as a zigzag. I believe Wednesday's late date rally which ended yesterday at the open was wave A of that zigzag. We are now in wave B, which should also unfold as a zigzag and it looks like we're in b of B. Or perhaps c of B just started. Once c of B bottoms, we should see a 5 wave impulse to 1205 or slightly higher. That will be wave C of 5 of the ED.
I agree. I thought we would double-zigzag yesterday to take into account SP futures count, but let's keep it simple and look for a 5 up above 1202, not accounting for an overthrow.
If we are in the 5th wave of the Ending Diagonal, that wave will unfold as a zigzag. I believe Wednesday's late date rally which ended yesterday at the open was wave A of that zigzag. We are now in wave B, which should also unfold as a zigzag and it looks like we're in b of B. Or perhaps c of B just started. Once c of B bottoms, we should see a 5 wave impulse to 1205 or slightly higher. That will be wave C of 5 of the ED.
ReplyDeleteI agree. I thought we would double-zigzag yesterday to take into account SP futures count, but let's keep it simple and look for a 5 up above 1202, not accounting for an overthrow.
ReplyDeleteSteve
ReplyDeleteSPX is done, no new highs.
Jack C