SPX: Follow Up of the Short Term EWP
DOUBTFUL REVERSAL PATTERN
If the scenario that I have suggested in the Weekly Analysis last Saturday is the correct one: " But since the "thrust" out of the Triangle is also corrective I have to consider that price instead of unfolding an impulsive wave (C) = (Z), from the November 16 low, it will unfold an Ending Diagonal therefore the top could be delayed 1 or 2 more weeks.
Potential Target range for the pending wave (C) = (Z):
- The measured target of Triangle is at 1583 +/-
- Extension target ==> 0.618 (A) = 1600 // 1 x 1 (A) = 1629.75"
Below I repeat the SPX 60 min chart with my preferred count of the up leg from the February 25 low, which I posted last Saturday.
Despite an aggressive distribution day so far we have a 3-wave down leg therefore in order to consider that the move from the February 25 low is over we need a 9-wave (impulsive) structure, while a 3 or 7 wave structure without breaching the pivot support located at 1551.90 will suggest that the Triangle thrust is not done yet.