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The S&P 500 Index (SPX) is likely patterning out a symmetrical triangle as shown in the below chart. The blue lines drawn across the tops and bottoms of the price bars are contracting and the ABCDE (red) waves show that all except wave E is complete. Keep in mind of the potential for a wave D breakout (blue arrow); however, I believe the E wave breakout is more likely (white arrow).
The purple Elliott Waves show that the symmetrical triangle pattern is coinciding with purple wave 4. Such patterns are almost always wave 2 or 4. When it is a wave 4, it almost always precedes a wave 5 or acts as a signal that a wave 5 is coming. It's quite consolidating for prices in this pattern and hence very rare to see it as a topping pattern process. So, once purple 5 gets in progress; new all time highs should be triggered. Video has more details.
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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
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