S&P 500 ~ market completes triangle and thrust higher in an impulse five waves...
Yesterday we posted charts of the SPX showing the short term impulse rally underway now, along with a look at what has taken place over the past year. We label the rally from the December low to show a "double three" (w-x-y) that is currently finishing wave (c) of [y]. This will also complete either wave D of the much larger "expanding triangle" (that we've been updating for most of this year) or wave B of a large "flat." If the market traces out a "flat" it will be in the form of a "running" or "expanding" which will be determined once it's underway. Today we are showing another way to count the rally from last December which is our primary count. It is hard to ignore, visually, that the sideways grind since May has the look of a "running triangle" formation. Under the "triangle" interpretation the rally from December would count as a "zig-zag" with five waves of [a]......