Those of you who follow the market closely know that our proposed triangle in the S&P500 and E-mini S&P futures worked out beautifully. Here is a four-hour chart of the S&P 500 cash index.
The only purpose of this chart is to show by actual measurement, that IF
it turns out, we get a 5 = 1, then it does blow the lid off the market.
100% x 1 added to wave 4’s triangle (e) wave goes to 2160. I do NOT
know if this will happen all in one fell swoop, the market may have
another way of making it happen - like having an Intermediate (1) fall
short of the high. But, I just wanted to provide the measurement.
Further, this measurement uses the ‘lower’ of the two peaks, when the
higher of the two peaks might be just as appropriate.
I need to emphasize, that nothing says we are going 'directly there', but we could by typical EW guidelines for the relationship between a fifth and first wave.
So, patience and flexibility remain the key - as do watching the status of various technical indicators for divergences and / or non-confirmations.
Cheers and enjoy the chart!