A clean top in SPX, but a three-wave decline so far (Chart 1).
The three-wave decline can morph into a leading diagonal triangle or a large flat. If so, a meaning full top is likely in (blue (Y) Chart 2).
The three-wave decline can be the entire correction. In this case, an ending diagonal triangle may be wrapping up (green (Y) Chart 2).
Note that DJIA & NYA have not made much gain since May in a almost flat trading range and SPX not much better.
ReplyDeleteWhat your destination for the correction?
ReplyDeleteone area of interest is 20% below, about 3580
Deletethere are other areas.
That (3580) would be only wave 1 of a large A wave of an ABC, or alt wave i of neg 1 of a large 5 down.
Delete