SPX MINOR 4 OPTION
Something else to consider. If a new high is not made soon, the potential for a flat to form, I believe, has increased.
The wave structures since the 1344.07 high look like a balanced series of three wave structures, the ideal beginnings of a flat. If considering the triangle option, the proper labeling would be that the current leg is finishing up wave [b] vs a [d].
Given the remaining room that is left within the triangle's trendline, I'm not sure a complex wave [c] or [d] has room to build.
One again, a break of the trendlines will provide a clue. One thing to note is that the MACD buy signal has been confirmed so we must keep in mind that Minor 5 may already be in progress since the 3/16 low.
I've added the alternate label in there as well should this turn into a wave 3 rally up. Though Alt2 appears to be a triangle, it would just count as a complex corrective wxy.
Looks like a textbook triangle afterall and the count at 3:52 (chat room) was the correct one. So far up at resistance for the ascending triangle.
Will cash now target 1344.07 before turning down? ES looks like five waves up out of the tri so we'll have to see if it truly is resisted or if Minor 5 has been underway all this time.
