Here Is One Way I Can Count This

Given the suspiciousness of this as a 2 (discussed here), let me try this.

If they squeeze us to 3801, then I can explain it this way. I like the broadening formation. If that structure is right, then we should be in “E” of that (in green). Green “E” should be a 3-wave move (the blue a-b-c). So, there is then wave balance (38.2% extension) between blue “c” and blue “a” (of Green “E”) at 3801.

SPX

So if they squeeze us there, that is one place for Green E to stop. I wouldn’t want it to go too much higher though as we should stay close the broadening formation. Poking through it is ok, leaving it altogether is bullish.


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