Since my last post, I left the possibility open that the pull back on 2/5/21 may have been a wave iv for wave 1. Looks like that was the case and with the updated chart below, I have wave 1 and 2 complete with 3 in progress now.
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| SPX - Daily |
Sunday, March 28, 2021
Friday, February 5, 2021
2/5/2021 - EOD Update
Since my last post I was looking for wave c down for wave 2. Looks like we got it as the market pulled back and tested the 50 day moving average and has since made a new all time high.
Seemed a little too quick for me so I will leave room for the possibility that the pull back could have been a wave iv pullback for wave 1 that may not have completed yet. SPX 4k is within reach so we'll see if it gets there first before a larger pullback or just continues to climb higher past 4000.
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| SPX - Daily |
Thursday, January 28, 2021
1/28/2021 - EOD Update
Looks like things are going as planned. Since the last post, I speculated that wave b may bounce and test the underside of the ending diagonal. It did that today and was rejected. Will assume wave c down of 2 is underway.
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| SPX - Daily |
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| SPX - 60 Min |
Wednesday, January 27, 2021
1/27/2021 - EOD Update
Looks like the ending diagonal played out as I was suspecting. So far the break down from the ED looks like five little subwaves for wave a of 2. So I expect a wave b bounce may test the underside of the ending diagonal before a wave c down to complete wave 2.
Some targets for wave 2:
1. The 50 day SMA near 3700
2. The 3600-3700 zone testing the breakout area during the Thanksgiving week.
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| SPX - Daily |
Here is the close up of the ED and the mini five subwaves for wave a of 2.
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| SPX - 60 Min |
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