S&P500 ~ the market correction loses momentum while struggling to reach equality targets...
The market rally continues as price grinds away trying to reach the targets shown on the chart with today coming close to the equality between [c] and [a]. The first chart shows how the rally is sub-dividing along with all the sub-waves down to the "micro" and "sub-micro" degrees. Choppy price action since last Thursday has caused the wave formation to get a little ambivalent. The best evidence of this can be seen by the momentum which is diverging across all time frames...indicator at bottom of chart! The wave formation appears now to be forming an a-b-c x a-b-c referred to as an Elliott "double zig-zag." The way this pattern is labeled is with a w-x-y shown on the chart. There are two other alternate ways to label the choppy action but, for now this looks to be the best. This can change especially since corrective waves are by design meant to be confusing and can take more than 11 different formations. The upper targets have almost...