I see no reason to alter my thesis at this time. Though the S&P failed to extend significantly higher, it also failed to deteriorate significantly lower, either.
It remains above its bullish wedge (red structure) and near the neckline of its inverse head and shoulders pattern (green trend line). We may count the structure as an impulse off the lows for minute (blue) “1,” followed by a sideways, 3-wave pullback for minute (blue) “2,” followed potentially by a leading diagonal for minuette (orange) “1,” also followed by a “2” into the close. Slowly, but surely, we are making higher highs and higher lows.
I think it’s a good setup like this as it’s not easily counted this way and the less clearly bullish the better (for bulls). There are hopefully a lot of people not sure just yet what to do with this, and I prefer it that way. If it is a nest of ones and twos, we should gap up tomorrow.
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