Wednesday, May 8, 2024

SPX Update: MacArthur Park in the Driving Snow

Last update expected bulls would follow through, and they have, so far, since capturing their first "Bull: 3" target from April 26 (5200-20).  Again, I didn't need to even move the label, which is nice, since it saves me approximately 6.39 seconds of work, which really adds up over time and -- if I can amass enough of these -- may ultimately allow me enough extra time for one last leisurely cup of coffee at the end of my life.  Hard to put a price on that.

As the chart above discusses, the most likely (not guaranteed, of course) pattern is still the bull pattern, which suggests we're in a small fourth wave correction now, but that SPX will go on to form an impulsive rally wave that ultimately targets 5290-5340 (okay, that target isn't on the chart because I ran out of space).  As also noted, bears are not completely without options here at the infamous, if minor, Bull: 3 Inflection, so we'll stay on our toes just in case any declines start to appear impulsive.  Trade safe.

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