In my previous count I predicted that SPX -0.14% will head higher in Wave 5 for targets around 2370 and 2500+, since then the movement has been as expected, as of now there are multiple probabilities that can play out.
Probability 1 : The Wave 1 of Wave 5 has formed an Expanding Leading Diagonal (Count in Yellow)
Probability 2 : The Wave 1 of Wave 5 completed around 2117 and now the Wave under progression is Wave 3 of Wave 3 of Wave 5 (Count in Red)
Probability 3 : The yellow count is actually an Ending Diagonal , least fitting probability.
SPX Elliott Wave Count, 9th January, 2017 onwards
Triggers :
1. If the current formation is a Leading Diagonal then we can expect a retracement upto the 2015 to 1990 mark.
2. If the formation is a 3rd of the 3rd ( Probability 2 ) then we should see a strong break of the upper trendline with good volume as 3rd of the 3rd are strong.
3. A very swift break below 1988 would be the 1st sign that the formation was an Ending Diagonal .
Which formation plays out will be apparent very soon, you can use the Triggers with lower time counts to take a trading decision.
By personal Bias is bullish for the long term and Bearish for short term, Probability 1.
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