
Earlier today I posted a discussion that included the idea of an extended fifth wave in a movement up from what looks like a triangle in SPX (although it looks slightly different in other indices). I see that Tony Caldaro had marked it yesterday as more like a 3rd wave, so I grant that does make more sense (more "fitting" with Elliott Wave). On that basis, perhaps we've been seeing a small 4th wave consolidation and looking forward to completion of a 5th wave that tags the 953 level I've got marked as a Fibonacci retracement on the weekly charts.
I marked a couple of trendlines which could define a movement like that.
I don't think this would negate the other points I made about meeting of Tony's symmetry C=A level, or for that matter projection levels of either Tony or Andre (Andre using his own trendline and projection methods).
The hourly chart (at right) looks like it can support a small 5th wave move up as indicated.
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