It certainly looks like the rise since June 15th lows on the SPX is shaping up like a classic Ending Diagonal.
I have put the wave counts as best I can fit them.
Today's rise on the surface didn't "look" complete to me and I put good odds of pop up tomorrow above the upper trendline - what Elliot called a "throw-over" and which I usually just call an "overshoot" which classically traps new bulls in - before reversing quickly - either the same day or within 1-2 trading days at most.
IF however prices rise above this trendline and continue the movement impulsively and close the week above it - then this ending diagonal count gets seriously called into question - but so far price has been respecting it including the upper trendline resistance.
We need to see a break of the lower trendline to have a confirmation the ending diagonal is complete and the bearish trend to the downside has begun.
It is to be noted that classically ending diagonals retrace to at least the beginning of the move - which in this case would be a move down to 2965.
Cheers!
Cyrus
I have put the wave counts as best I can fit them.
Today's rise on the surface didn't "look" complete to me and I put good odds of pop up tomorrow above the upper trendline - what Elliot called a "throw-over" and which I usually just call an "overshoot" which classically traps new bulls in - before reversing quickly - either the same day or within 1-2 trading days at most.
IF however prices rise above this trendline and continue the movement impulsively and close the week above it - then this ending diagonal count gets seriously called into question - but so far price has been respecting it including the upper trendline resistance.
We need to see a break of the lower trendline to have a confirmation the ending diagonal is complete and the bearish trend to the downside has begun.
It is to be noted that classically ending diagonals retrace to at least the beginning of the move - which in this case would be a move down to 2965.
Cheers!
Cyrus
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