...that's one reason I'm stepping back from the "needs more fourth wave" call (though I still slightly lean that way).
It turned out the caution I demonstrated there was misplaced and SPX did indeed need more fourth wave (though whether caution can ever be "misplaced" when dealing with an organic system as complex as the stock market is a deeper philosophical question). It appears to be breaking out of a triangle, but hasn't reached the classic triangle target yet.
The more bullish interpretation would be that it's breaking out of a new bull nest and will run higher for at least a little while, unwinding 4th and 5th waves along the way.
The more "bearish" (though only near-term bearish) option would be that the high is a b-wave.
COMPQ looks like it's probably an incomplete wave so far:
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Not much else to add beyond that. Trade safe.
p.s.- We have a tropical storm (projected to be turning into a hurricane) headed straight for Hawaii and due to hit later today and into the weekend... so there's a chance the updates may be disrupted heading into next week. I have a feeling this one might actually do some damage (unlike most of the storms that head our way), so we'll keep our fingers crossed.
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