The inverted head and shoulders is still intact and the market closed back above the 20 day SMA. I believe the reversal hammer has been confirmed with today's price action as well.
The market may be setting up for a move back to the 1340 area.
Inverted Head and Shoulders
SPX - 5 Min
Here's my primary count at the 5 min interval. Looking for a final fifth up to complete five waves up which represents either a wave 1/A. Notice the alternate on there as well.
Below are three options of the bigger picture.
MINOR 3 TOP OPTION
Based on the 5 min chart, the market may be working on wave a of x.
MINOR 4 TRIANGLE
Perhaps an ascending triangle is in the works? If so, again, the five wave impulse up may be wave a of [d]. As with all triangles, they take time to play out so we'll just have to monitor for three-wave structures to see if more subwaves are required.
MINOR 3 IN PROGRESS
This is the most bullish scenario but one that must be respected and monitored.
