This $.SPX(.SPX)$ decline looks corrective from the high, and I can only count 5-waves up from the August low to mark the completion of the newly labeled Wave A under [W5]Therefore, leaning this decline gets bought above the [W2]/[W4] trendine, 5730, with support at 5867-5805 for Wave B.We could see price form a zigzag or even a triangle for Wave B, but a new high is expected to be made in 1-2 months.However, a cross below the [W2]/[W4] trendline would invalidate this and confirm that the top is already in. $SPDR S&P 500 ETF Trust(SPY)$$E-mini S&P 500 - main 2503(ESmain)$$NASDAQ 100(NDX)$
With today’s decline, a strong case can be made that the $.SPX(.SPX)$ top is in.However, a cross of the [W2]/[W4] trendline, currently at 5730, is needed to confirm this with maximum confidence.Given the failure to make the fractal high to complete the wave structure, there’s concern that the [W5] rally may still be progressing.I’m open to the possibility of one final high if we remain above the [W2]/[W4] trendline, with potential support at 5867-5800.That said, a failure to quickly recover would increase the likelihood that today’s decline isn’t corrective. While I lean towards $iShares Russell 2000 ETF(IWM)$ and $.DJI(.DJI)$ topping, I’m not certain about SPX an
The $SPX 4th wave triangle is on the cusp of completion
The $.SPX(.SPX)$ 4th wave triangle is on the cusp of completion — if it's not complete already.If so, the last leg of the 15-year rally is expected to begin imminently to ultimately target 6150-6200 - potentially charged by FOMC Wednesday.However, once the 5th wave reaches its peak, expect the tides to shift dramatically as the bear market correction takes hold.If the triangle fails, 6030-6003 is secondary support for the 4th wave.$SPDR S&P 500 ETF Trust(SPY)$$E-mini S&P 500 - main 2503(ESmain)$$Invesco QQQ(QQQ)$$NASDAQ 100(NDX)$
$SPX is 100% on track to complete the monumental rallies
Despite the initial misstep in timing, $.SPX(.SPX)$ is still 100% on track to complete the monumental rallies from both the 2022 and 2009 lows, setting the stage for the powerful, multi-year bear market decline that we’ve all been anticipating.What we need now is a final 5-wave climb from the 11/04 low to fully retrace the impulse and wrap up Wave C of the larger [W5] within the Wave 5 ending diagonal. We’re so close to the finish line, as this can occur within weeks![W5] is projected to top out between 6175-6250, with confluence at every turn—the 50% extension of [W1]+[W3], the 61.8% extension of [W3], and the upper boundary of converging trendlines all pointing to this crucial level.A break below the [W2]/[W4] trendline will be the moment that c