[11:45 AM Update]
SPX 15 MIN
Given the action so far, this is the other option given the deep retrace. The count below is still valid but getting close to violating the 4-1 wave overlap. If 1068.83 is breached than the count below is ruled out.
[10:25 AM Update]
Given the action so far, this is the other option given the deep retrace. The count below is still valid but getting close to violating the 4-1 wave overlap. If 1068.83 is breached than the count below is ruled out.
[10:25 AM Update]
SPX 15 MIN
This is what I'm seeing at the 15 min.
SPX - AN ALTERNATE COUNT
This is starting to look like a possible triangle and if so, this is a potential count to be mindful of.
What may rule this option out is the fact that the subwave structures in this triangle to not appear as 3-waves, which they should be. However, it may be possible to count them as such.
I have the minute waves as either [a] or [w] and [b] or [x] but not completely sure just quite yet. This does make a difference because what would follow the triangle would be waves [c] or [y].
Per EW , wave [c] would be a 5 wave impulse down, which would be fairly easy to identify and would mark the completion of the move. However, if the triangle is an [x] wave, then what would follow would be a minute [y].
The subwaves of [y] would consist of a zigzag (a-b-c) structure, which would look like 5 waves down, 3 waves up and then a final 5 waves down. .
