Intraday $SPX Update

We got the nice fib touch earlier today, which makes that a good candidate for Green 3. We then consolidated in what I expect was the Green 4. The ideal target for Green 5 is equality with Green 1:

SPX

That would be a nice spot (for me) because ideally we need Orange 1 to take out the prior low so that we’re not labelling higher lows as an impulse wave down. This sort of does that: while not below the 9/30 wall into the close low, it actually does just take out the low of the last impulse wave. And so that counts as a lower low (from a counting perspective).

I am counting the waterfall into the close at the end of the month as part of an expanded flat. I’ll scoot the chart over so you can see what I mean:

SPX

So, if we can get to 3621, and if it’s 5-waves down for Orange 1, then we’re labelling things right, I think.


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