Wave iv can't overlap i so keep that in mind if this option above is to apply
12:40 PM Update
Scratch that triangle on the 12:23. It may still be a wave iv flat.
I'll see if I can confirm the 5 wave move up is complete and now we are starting 2 down
12:23 PM Update
SPX 5 Min : 12:23 PMFinally have access to my charts again.
Here's my 5 min update. Of the three options I posted earlier this AM. I'm going to say wave 5 up is in progress. The next option is that we are in a B wave up, which subdivides as a-b-c. Wave a of B completed where I have iii and b of B is the potential triangle developing.
The dollar, if the inverse relationship still holds, confirms that it was only in a corrective bounce and we are not going higher.
9:58 AM Update
Here's a 5 min view. A possible inverted head and shoulders in the works if this is the wave 5 up scenario.
8:55 AM Update
I can't get a chart up right now but I believe my suspicions are correct with the three wave down to yestarday's low. We are either in the following:
1. An X wave up to be followed by a move to the lower end of the purple range
2. B wave up to be followed by a move to the lower end of the purple range
3. A new impulse up for wave 5.
Just watch out for the whipsaw if the market chooses to consolidate within the range.
Pre Market
Ending Diagonal Y?
We may stay range bound for a while as well between the purple rectangle which covers 1155-1190. If we sell off further the next range may provide support below at 1130.
GL to all.
