As of Friday’s close, a number of benchmark indexes have made new highs including SP400 (midcap) and Russell2000 (Chart 1). Odds now favor new highs in SP500. Price actions will reveal what to expect: a proper overthrow (Chart 2 blue, Chart 3 blue) or a more bullish wave (3) of [5] advance (Chart 2 green).
If the blue wave [3] in Chart 2 is indeed ending, Chart 3 tracks its wave (5) as an expanding ending diagonal triangle.
Note that the proposed EDT is now beginning to mature in both price and time.
Interestingly, wave E of this wave (5) may be an ending diagonal triangle of the contracting version highlighted by the red labels, which caps the upside at 2180. Alternatively, wave E could be a double zigzag highlighted by the blue labels, which can drag on for some time. Prices of the two zigzags reach equality at about 2250.
