Don't you just love it when the primary plan comes together? Near the open, I tweeted that I was watching 1345 today and sure enough the market aimed right for this level.
I think the top is in or very close to being in. However, which top do I think it is?
We will continue to work with the primary daily chart so please refer to it below. I eliminated alternate 2, the triangle, so now we just have to work with the primary and alternate 1 for now.
On the 30 min below, I do note the possibility that wave 3 of 5 is still extending so we will need to keep an eye on that.
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| SPX 5 - Min |
I see five waves up.
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| SPX - 30 Min |
Five waves up but the tricky thing with extensions is that she can go on and on. MACD is rolling over so we'll see how much of a pullback results from this.
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| Primary - Daily |
Per this count, subminuette 3 is nearly complete and once it is, subminuette 4 will attempt to backtest the 1333 level.
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| Alternate - Daily |
This count has minute [c]/[3] in and minute [4] is in progress or will start shortly and most likely retrace back towards the 50/200 day SMA. This count requires [4] to stay above [a]/[1] at 1267.06 to remain valid.
I'll post more long term charts over the weekend if I have time. Just a reminder, the monthly MACD bull crossed recently so this is something to consider.
Have a great weekend!
