MTU Weekend Ed.- Rebounding III (1/18/19)

SPX closed above its 50-day SMA and has ventured into the prior congestion zone (Chart 1).   It likely is finishing an impulse wave, tracked as A-up or 1-up or D-up (of an expanding diagonal), from its December low (Chart 2 blue or green). Depending on where wave four ends, the current leg of rebound could be ending or has a small-degree wave four-down and wave five-up left  (Chart 3 SPX and Chart 4 ES).  If the first leg up from the December low is a zigzag, it's possible to track this rebound as wave (X)-up in its entirety (Chart 2 red).