|Continuation of S&P500 Index Count from the July 6th Low|
- The positions of waves 1 & 3 have not changed.
- The Elliott Wave Oscillator is again approaching the zero line indicative of fourth waves
- It is 'possible' for the triangle to expand once (see note below).
The current triangle is quite narrow although it is symmetrical. There is a possibility that the wave marked c down, is just -a of c, and the wave marked d is just -b of c. Then, there would be a -c of c lower, possibility on a gap on Monday. That would be perfectly fine with this count. There is no reason a c wave can't fill the gap made by the Bank of England b wave. If that happens, then look for a further d and e wave later in the week.
However, we want to note that if this wave is a triangle, it MUST form properly in every detail. And, if it does, it may indicate, "last wave dead ahead" in this particular wave sequence.
Regardless, we are still counting upward until we can not.