New Highs should make things clearer, but not Easier!
First and foremost, the primary circle B wave will be taken off the chart, and that clears things up for us. Why does it clear things up? $S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$
This pattern overlapped as indicated on the chart it cannot be counted as an impulsive pattern. Sure price has moved higher and we're now at new all time highs. I am counting it as a motive wave, but as an Ending Diagonal. The argument seems academic at this point because price has retraced all the declines from January 2022.
Additionally, some have argued with me for a year or more, that this move off the October 2022 could be a leading diagonal. I have shared my views on leading diagonals quite extensively. Many may disagree. I don't believe leading diagonals are a pattern. You'll find that the Elliott Wave community at large is wishy-washy on the subject. Nonetheless, if my analysis is correct and we are completing an ending diagonal, or about to, the price reversal will be swift.
As of today, I am torn with this being the a-wave of a 3 wave 5 of V of (III) or all of 5. With so many of the key stocks I track that make up a large percentage of the index in their respective wave 5's. I think we'll find out soon enough.
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