With an impress blowoff first week of new year trading, SPX is now probing the upper boundary of a two-month long "cigarette".
We have been tracking the rally since March as a (W)(Y)(Z) structure (Chart 2), Friday's rally allowed us to track a simple zigzag (A)(B)(C), with (C) being an expanding diagonal triangle.
The minimum price and time requirements have now been met as of Friday.
Note that for the potential expanding diagonal triangle (C)-up,
A-up is 466.49 points and 16 or 17 days.
C-up is 588.37 points and 46 or 47 days
E-up is 592.75 points and 47 or 48 days and counting.