In my last weekend up date I mentioned that I “touched up” my SPX “road map”.
I was looking for a larger corrective Zig Zag from the April 2 peak with a target in the range 1340 – 1292 before the resumption of the intermediate up trend.
But after last Wednesday?s price statement in conjunction with a simultaneous reversal of market breadth I now have to consider that on April 23 the wave (c) truncated and consequently the correction, btw it has been extremely shallow, it is over.
Therefore my new scenario calls for a pending wave (5) up that will complete the EWP from the October 4 low. The future top will be my assumed wave (A) of the large time frame scenario.
I will maintain this scenario as long as price does not breach the now critical pivot support at 1358.79