Dow made higher highs but other indexes have lagged so far (Chart 1). This presents two interesting bullish and bearish counts across Dow and SPX.
The consistent bullish count is that wave 5-up is under way after a flat correction in the Dow and a zigzag correction in SPX (Chart 2, green).
The consistent bearish count would be a wave 4 correction still in progress. We might have an expanding triangle in the Dow (Chart 3) and an ABC-X-ABC structure in SPX (Chart 3). This would likely surprise the market.
[1140am] SPX update -
SPX tracking squiggles: ABC over, ABC-(X)-, A B(flat)-, A B(triangle)-, [i]/[ii]/(i)-
Transports made a higher high, upgrading some of the above tracking counts and downgrading the others.
[805am] ES update -
ABC, ABC-(X)-, [i]/[ii]/(i)-
