Despite concerns and volatility, SPX was up 1.39% this past week.
SPX also closed above its 2022 trendline for a second week.
The upswing from the March low looks corrective so far, unless a triangle wave four is in progress.
An interesting possibility is that there was a failure and we have an orthodox low to conclude an irregular flat since the Jan high (Chart 2 and 3, blue C(2).
SPX probed the lower weekly BB and closed above its 2022 trendline.
The retesting of the 2022 trendline has likely completed, for now.
The Dow and the SPX are retesting their 2022 downward trend lines following their 2023-Q1 breakout.
One may be able to track the current down-swing maybe a wave TWO/B retrace of the up-swing from October lows when reconciling structures in the Dow and the SPX. (Chart 1 and Chart 2).
Chart 3 presents key tracking options.
The resistance zone, so far, is not able to repel price with similar strength as before.
SPX closed below the resistance zone following its forth attempt to overcome it (Chart 1)
It is much easier to count the upswing from the December low as a THREE, with potential to develop into a triple zigzag (not required) on a fifth attempt at the resistance zone (Chart 2), than a FIVE (Chart 3) to continue the charge higher following a consolidating pullback (not improbable).
