If the minis hold over night, they may just confirm that minuette (ii) on SPX is complete.
A possible H&S is in the works. Let's see if that neckline and channel breaks.
Check back in 9 hours.
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[3:50 PM Update]
I forgot to mention two things below.
1. The purple descending trendline connects the 1150 high and the next lower high at 1111.85. Price is closely approaching it. If there is more room to the upside, let's see if she holds her back.
2. It is possible minuette (ii) ended at 1106.42 where I have it labeled wave b (black). Look how it touched almost perfectly the green Fib line, which makes c=a.
Not too exciting today. Price action is still within the thresholds of my preferred count. In fact, I believe it is close to wrapping up here.
By this count, I'm looking for wave c (red) of y (green) of (ii) to complete tomorrow. There are two possible options for this final wave. Either a simple 5 wave impulse up, of which three are complete.
The other option is that wave c (red) is forming an ending diagonal, of which three waves are complete or in the works.
There are two Fib markers of interest. One is in red the other in green.
The red Fib lines represent wave a (red) of y (green). wave c (red) = .618a(red) at 1106. The green Fib lines represent wave w (green). Wave y = w at 1106.
Of course the above Fib markers are just guidelines and the waves may do whatever they so please. We shall see.
My alternate count remains the same as well.
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