In line with my thought from Monday evening, we’re getting quite the pump. Now, my basic view from that speculation was a “flat-topped” triangle, and if that’s the case, we could be somewhere in the orange “C” of that structure. When we’ve seen a good 5-wave structure somewhere in here, we may be done with “A” (green) of that “C.”
However, I also want to point out an additional thought. The triangle is pure speculation at this point, and it’s possible for this primary (pink) B to not be a 5-swing triangle, but also a simpler 3-wave structure as well. If that’s so, we may see a full “parallel rails” form, too, meaning green “A” goes higher, and we may not need a full A-B-C (in green) to complete orange “C.”
Cleaned up a bit, the chart could end up looking like this:
One technical in support of this is that while $SPY has pierced out of its bullish wedge, $AAPL is nowhere near its yet. And if it needs to go check in on that structure, the S&P 500 needs to be given more room to go up with it.
In sum, I’m not in too much of a hurry for this to top out locally yet.
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