SPX 9-2 AM Update: Wave 3 Subdividing?

UPDATE #4 (11:10 AM PST): Ok given the action thus far since the beginning of this post, the wave structure has dragged out quite a bit sideways. This could be counted as a double three as well and just about give us a wave iv.

We will just have to see how the wave plays out once this retrace is complete to determine whether we are in another wave 3 or just wave 5 to 980.

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UPDATE #3 (10:50 AM PST): A wave b triangle afterall? Targets for c of red 2 does not change. It should be in the same area


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UPDATE #2: Here is another way to count this:


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UPDATE: I have added this chart below to highlight wave c =.618 x a. A break above 1002.47 will invalidate this scenario. (Thx OCO!)





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This is my attempt to count the squiggles since yesterday's fall. It appears to me that wave 3 (I am unsure of the degrees at this time so I have just labeled the waves according to count and not so much degree) may be subdividing.

If I had to guess, I would guess that it is either subdividing at micro or subminuette degree.

The retrace this AM is looking like a zigzag to me, which tells me it is a wave 2 of some degree. I projected an end for this if the wave b is a triangle and c=a. 1005 may be a target for this retrace.

We shall see...