10/26/19 - S&P Update , GOOG

Not much to update here other than the bullish potential setting up as the market continues to grind higher. Option 2 and/or the expanding triangle previously posted is not off the table but the bulls have certainly made a case for their potentially bullish nested i-ii (i)(ii) option I introduced on 8/6 and the ascending triangle pattern playing out.

S&P Daily

GOOG likes the triangle too.

GOOG Weekly

8/6/19- EOD Update

Since my last post on 7/20, I mentioned that we should pay attention to option 2 should support at 2954 fail. The ED option is still viable with the recent breakdown considered a throw-under, which would result in one final push up in a throw-over. The other bullish option is the nested 1-ii (i)-(ii). The invalidation point for ED or the nested i-ii option is highlighted at 2728.81.

Daily

However, the expanding triangle I have now included as option 3 may support option 2, which implies further downside to come. 

All this volatility as of late would fit perfect into this back-n-forth wave action. The next couple sessions will be telling.

Place your bets.

7/30/19 - EOD Update

So far respecting that upper trendline on the diagonal. But also found initial support on the backtest of the 2954 level previously mentioned.

SPX - Daily

Since my last post on 4/3/19, I was tracking a potential ending diagonal. It didn't quite fit the definition but the resulting pullback confirmed the end of that leg. Looks like that peaked on 5/1 that I have labeled as wave i or (a). A subsequent sell off for about a month to establish a wave ii or (b) before resuming higher.

The two scenarios I'm tracking is

1. A larger ending diagonal (Yellow trend lines) to complete wave 5

2. A potential larger wave 4 expanded flat, which would required a wave c? green down to challenge the Dec 2018 (ha! Thanks Pedro!) low. I have that labeled as green a, 4? or iv?.

I lean towards option 1 at the moment as the market is trading above it's moving averages and the breakout over 2954, the previous resistance area. Until those fail lets go with that. Should they fail, then we may have to pay attention to option 2.

SPX - Daily