Hi MP, could you explain a little about why the corrective process still not ending yet would mean SPX on its way upwards. Thanks
Characteristics of a corrective process is if prices:-make overlapping patterns-goes sideways-makes 3 waves repeatedly-indicators accelerate without prices cooperating (usually means a reset).
The impulsive move of SPX down, if forming a C leg, what else you would watch to confirm it. Thanks
you would need an impulsive move up to show that Wave C is done and that a new trend is following. If you get a 3 wave up (Corrective) this means there will be more down side.
Thanks. It seems that the leg C, if impulsive, still has a wave 5 down. Am I correct
Yes, 1, 3 5, and A, C all have a possible 5 wave structure. A and C can also have a 3 wave structure. The only time 12345 have a 3 wave structure is if its on an ending diagonal.