SPX is back at its major resistance zone - a fifth attempt, with higher lows (Dec, Mar). Chart 1
Monitoring a potential triangle wave [b] in SPX if . This triangle does not work for other indices. Chart 2
Tracking counts for the upswing from the March low - for the triangle or further advance. Chart 3
Hard to say whether Friday's pullback is an impulse or an ABC structure. Chart 4.
Short term - potential wave four-down
SPX is up 7.03% (dividend excluded) for the first quarter and back at the resistance zone (Chart 1).
A plausible bearish triangle since June 2022 is less probable since the Dow has exceeded its August high in December.
Chart 2 updates the tracking scenarios ( blue 5 and red Bs ).
Chart 3 presents squiggle counts.
Mid vs SPX, long term
MID vs INDU, since 2022
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.
