Price went down as expected, and ended up making a new low, but did it by displaying a three wave structure, therefore, as I can't find any ending diagonal pattern there, it should mean subminuette wave iv will continue its path, and for that, a running triangle, regular flat or combination may unfold.
I favor the triangle or a combination with Y being a triangle, so that price doesn't reenter in the subminuette 1-2 channel (blue).
If my analysis is correct, after this correction is over, we'll get a motive wave to the downside in order to complete the impulse. At that time, market would decide if the correction from the all time high is over or if it continues unfolding as planned in my related idea.
I favor the triangle or a combination with Y being a triangle, so that price doesn't reenter in the subminuette 1-2 channel (blue).
If my analysis is correct, after this correction is over, we'll get a motive wave to the downside in order to complete the impulse. At that time, market would decide if the correction from the all time high is over or if it continues unfolding as planned in my related idea.
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Down?
mikeoakster
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about SPX500