The 5min SPX chart is suspect on why the market could just be on a correction. On a daily chart we have not seen a reversal candle or have not touched the upper BB, but that does not mean it can't start its new trend but make it becomes more of a soft argument that we have turned. At the same time on an EW pattern the top made last week on Friday generated a 3 wave sequence down which in EW analysis is a corrective pattern. We have not seen 1600 yet, but the ultimate goal here should be to look for short opportunities within these ranges.
We can see the 3 wave pattern in the 5min interval of the SPX.
Because Elliott waves can sometimes be interpreted so many ways and so many levels of time. We should loo for our indicators to tell us if a trend has started or changed. So far our our March 8 signal of an uptrend is still in tact and this should take a few days to change if we have a substantial drop in the market.
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