A Few Comments on $SPX

We did not get a plunge to equal legs out of a triangle (noted here), which is good, as a structure like that could have developed into a further rally. It’s possible that it still does rally, but we may continue to count the structure as a nest of ones and twos, like this:


There is good wave balance between the components of blue and orange 2, so things are acceptable there. We are at the lower trend line of the channel in which we have rallied, and so gapping down would be ideal right from here.

And structures such as this on the Russell futures are what we would like to see if the market is going to become bearish:


So, let’s see if we get some selling from here.

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