SPX was rejected by the blue trendline Friday. The trendline had been sucessfully tested four times and held since November, until now. SPX has unable to break above the trendline so far. Since November, there have been six unfilled gaps below. Waves appear to have been fully developed. Also note the nice Fibo relationship between sub-waves.
If it is an expanding diagonal triangle from Oct 2022 (blue), SPX is overthrowing. If we have a regular five wave (red), this past week’s advance may be part of wave three of wave five, with wave four-down and five-up left. The NYSE composite has finally caught up and made a new high.
SPX is approaching its upper edge of a potential expanding triangle. The smaller Wave A and Wave C within its final Wave E are also forming a nice Fib ratio.
