From the SPX bottom at 3200.10 an Elliott Wave - Ending Diagonal Triangle could be forming.
If the illustrated count is correct this EDT would be wave "C" of and Expanding Flat.
Since the supposed third wave of the EDT is shorter than the first wave, if the SPX exceeds 3286.70 the count would be invalid.
In Elliott Wave rules, the third wave of a five wave pattern can never be the shortest wave.
If the EDT exceeds the termination point of wave Intermediate wave (1), it would change the larger wave count.
I will have a follow up post to explain further should this occur.
Mark
If the illustrated count is correct this EDT would be wave "C" of and Expanding Flat.
Since the supposed third wave of the EDT is shorter than the first wave, if the SPX exceeds 3286.70 the count would be invalid.
In Elliott Wave rules, the third wave of a five wave pattern can never be the shortest wave.
If the EDT exceeds the termination point of wave Intermediate wave (1), it would change the larger wave count.
I will have a follow up post to explain further should this occur.
Mark