A Sort of Minor (But Important) $SPX Revision

I did not see something until now—when I was analyzing Apple (here). While examining that chart, I detected what may plausibly be my cliché of the month, an ending diagonal there, and it made me reexamine the S&P.

And sure enough, there is actually a very good triangle candidate at the lows here, too (I had been focused much of the morning on a different triangle that came to us early and din’t detect this second one).

And it’s sort of funny, I was expecting an orange 4, followed by a truncated 5th wave (but further out at the blue box in the chart below). I wanted that to be truncated because—like ending diagonal triangles which keep showing up and misleading people—truncated waves have been doing the same—few have been looking for them.

And lo and behold, if we do have an ending diagonal triangle in at today’s low, not only is it an ending diagonal “triangle,” but it’s also truncated, as it didn’t make a new low. haha

Maybe I got a two for one special.

So, not much changes, if this is right. We should still go in for a retest of the broken channel. The one difference is, maybe we don’t get a big drop in the middle of the move.

SPX


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