The count for the SPX could be a running Minor 4 triangle. Two versions are shown below:
Overall, it looks much better:
The best bearish count is that today was peak Minute [ii]. But I don’t like this count because sentiment has bled off over the last few months, not increased again on a wave two. Running out of price. But if the market suddenly drops below 7500 SPX, at least we have a count for it.
On the long-term chart, the underside of this triangle is the upper channel line.
