SPX: Is Wave 4 Correction Over? We should know soon. Here are 4
Possibilities. 1) Wave 4 is over, Wave 5 has started, 2) Wave 4 AB is complete, Wave C in progress-Triangle, 3) Wave 4 AB is complete, Wave C in progress-Flat, and 4) Wave 4 AB is complete, Wave C in progress-Sharp and Head n Shoulder.
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Pennant Formation. Closed above trend resistance line
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Busted trend resistance of triangle
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Need to clear the ugly head.
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Since 2000, all the major highs and lows for the major indices have matched. Based on this, I can confidently declare that both the DOWI and the SPX have finished their wave 4 corrections and have embarked on wave 5 up.
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The primary count is voided because wave (iv) has now encroached into wave (i). The other corrective count still possible is to treat the present uptrend as wave 2 of 5 of C. But that is only about 3 points shy of been voided as well since wave 1 of C is only 3 points longer than wave 2 of C.so it is becoming clearer that the Alternate count has become the primary count which is the current uptrend is wave 3 of 5.
