Weekend Update (1/12/24 Close)

 

MTU Weekend Ed - Lower Channel Line (8/11/23 close)

 SPX is approaching the lower channel line off its March low and June/July support.

MTU Weekend Ed - Correcting (8/4/23 Close)

SPX is correcting the upswing from (at least) the March low.  

The decline so far may be counted as
three waves down from the nominal high or a potential five-down from an orthodox high due to a failed small-degree 5th wave. 

MTU Weekend Ed. - Base Channel (7/28/23 Close)

Since its ATH, SPX has likely seen 3 waves down and 3 waves up so far. 

A potential base channel since the Oct 2022 low is now well defined.  SPX is currently probing this base channel high. 

If the advance since Oct 2022 is indeed an impulse, SPX should rise comfortably above this base channel. 

If the advance is corrective, the base channel should be a formidable resistance. 

MTU Weekend Ed - Structure II (7/21/23 close)

 

MTU Weekend Ed. - Structure (7/14/23 close)

If this potential large wave FOUR in SPX is still in progress, it may be a triangle with its B wave around the current high, or  a WXY structure with W at the May 2022 low and X around the current high.  

 

The current high is at upper line of a (potential base-) channel from the Oct 2022 low.  A more meaningful reaction is likely.

Squiggles

MTU Weekend Ed - Minor Consolidation (7/7/23 close)