We must not forget about a move that is potentially more bearish.
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| SPX 3 Min |
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| SPX - 60 Min H/S |
The bulls have defended 1315 for a second day and continues to channel up. The primary 5 min chart shows the sell off from the 1/26 high as a corrective count.
I shuffled the primary and alternate counts I have been tracking and have reordered them below. Note they are all looking for a wave 4 to complete at various degrees. Currently the market's bounce off today's low was the beginning of wave b of 4.
I believe all three may have wave b retrace back to the 10/07 - 5/11 TL above.
If the market is truly in a wave 4, prepare to see whipsaws in the market (think flats and triangles) until it completes since we may witnesses multiple corrective waves (three wave structures) up and down as the market consolidates the most recent gains.
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| SPX -5 min |
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| Primary |
It is possible wave 4 red is a running flat. A new high next week will certainly confirm this option.
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| Alternate 1 |
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| Alternate 2 |
