Make or break
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There is some ED type of structures in that 2nd leg down
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Overall market has pulled back to medium term trend as signified by the rising 55wma which currently stands at 2550 (and rising). It has been 2+ month of correction. Last 2.5 years the longest correction in time has been 12 weeks. So bears window of opportunity is closing.
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As of now, NDX100 looks like triangle forming with higher B Wave which implies bull into summer
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As we go through April, the bearish forces are weakening.
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Currently I see these scenarios: 1) Bearish lower high into 2800s as Wave B into later April/early May followed by stronger C into later Aug into 2400s; and 2) Bullish triangle. Prefer bearish count now
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Interesting weeks as US GDP for 1Q18. Now if we have another Q of acceleration YOY (which is think it will be), then this would mark 7Q of acceleration which would match the post WW2 record from early 90s. Quite MAGA would that be! Lets see
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Right now it seems to me SPX is in Wave 2 of C to around 2740/2750 which is also invalidation. Most likely to be reached next 2 weeks
