This is the only valid S&P count that I can find (there may be others, but I can’t find them) which puts the DOW and the S&P at the same location in the cycle, with the DOW in a third wave – of some type – either 3 or C – at the 1.618 Fibonacci expansion.
It does contain an
ending diagonal – which is a big caution sign. And the DOW can be
counted the same way – with the same diagonal.
The invalidation of an upward count on this chart is the overlap of
1962. It may occur. It may not. But the market should be allowed to see
if there is support at the 38% retracement level. The clear alternate
for 1-2-3 upward is A-B-C upward. The EWO is not even below zero yet,
but should get the for a wave 4 (or more downward).
But the point to consider, is what if a wave 4 is made, then where
would that put a 5 = 1? Just food for thought … until the market
Cheers! And enjoy the chart!