2/26/2020 - EOD Update

I think it is safe to say that wave (iii) has completed. The market has pulled back nearly 8% since the closing high and AH set for more damage down to 10% or so.

If this is wave (iv), the alternation guideline seems to be in play, assuming wave (ii) is correct. Wave (ii) appears to be a sideways correction, with wave (iv) a sharp one.

SPX - Daily

From a technical standpoint, the area in the oval appears to be a good target for the following reasons:

1. Support at the 200 day SMA
2. Back test of the top end of the expanding triangle trend line
3. 50% retrace of wave (ii)
4. Support at the wave (i) high at 3027.98, which if it penetrates lower, will violate the wave (i) rule.

I guess we shall see if the market cares about any of this.

2/12/2020 - EOD Update

Still not much to add other than tracking the end of wave (iii) and iii.

SPX - Daily

Look at the weekly chart. That trend still looks solid and if the SPX is aiming for the upper end of the channel, that's around 3,600.

SPX-Weekly

12/20/19 - EOD Update

Not much to add since the last post. Primary count still in play. Just added a projection should wave (iii) extend 1.618x wave (i).

Daily

11/27/19 - EOD Update

Since my last post a month ago, I mentioned that the more bullish nested 1-2 i-ii option had the potential to play out with the market grinding higher and so far that seems to be the case. I made some slight adjustments to the alternative counts.

Primary until the market tells otherwise is that wave (iii) of 5 of (5) is playing out. The bearish alternate is a much larger expanded flat in the works playing out wave b before a leg c wave down to follow.

Happy Thanksgiving.

Daily