S&P500 ~ after three weeks of sideways price movement we may have a "triangle" pattern...
Today's gap up open violated the wave-i of (c) down shown in the last update but, brought an interesting pattern we have been watching to the primary count. At the end of wave-c we noticed that there was a 4-1/2 point relationship, shown in the blue circles, with the low of wave-b and the top of wave-c. This was an early sign that a "triangle" structure could be forming for wave (b). When the decline from wave-c finished we measured 9 points from the wave-b low and then with this mornings gap up we eagerly watched the 2930.75 price target where wave-e would also be 9 points from the top of wave-c. The exact high today was 2930.75 and then price declined. So, there is a good chance that today marked the end of a three week long correction that formed a "contracting triangle" for wave (b). Price did drop but not far and also failed to form a small impulse wave. For now we need to see a further move down below 2900.00 to confirm that wave (c) is under...