Our ST indicator is intact with prices rising to counter the impulsive move down 2 days before. This allowed the signal enough time to stay up thanks in part to the intra-day momentum pushing higher. We must now look at the late Feb. high on the SPX to see if this gets surpassed. If it does then our "Bigger Corrective" count will be in play. This would assume the EW pattern to turn into an impulsive lower but become only temporary rather than a prolonged push lower. Again, there is no sure count out there that can be considered bullet proof or a guarantee, so indicator is key. Lets not get ahead of ourselves here since price is still below the late Feb. and Mar. highs.
If a 3rd wave down is to occur I would say it is now or never...
MT: DOWN
ST: UP
PA: UP
Even if its a C-wave down (Red).. I would be watchful of my long positions as the price has had almost the whole of April and still has not pushed passed the Feb. and Mar. highs.
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