|SP500 15-Minute Chart with Expanding Leading Diagonal|
There are three purposes to showing this chart today. The first is to show how the Expanding Leading Diagonal fits into the slightly larger picture. The second is to show that Leading Diagonals are very often in an A wave position, as this one is. The diagonal is followed by a flat b wave, and then a c wave down. And third, to state that, so far, from the 10/21 low, we have three-waves up, and now only three waves down to yesterday's low.
We now don't know whether we will get another three waves up or five waves up. That remains to be seen. The blue arrow suggests where the cash market may open from the overnight futures.
There are many patterns that can occur from a count like this, so we will remain open-minded, flexible and patient until some clarification of the count occurs.