Much of this cash S&P chart was shown over the weekend as the post-script to the ES E-Mini S&P500 Futures 5-minute count. Here is the updated cash chart.
|S&P500 Cash Index - 15 Minutes - Three Waves Up|
At present - because of numerous trend line breaks - this upward sequence can only be counted as "three waves up". It would be very difficult to count it as (i), (ii), (iii) because of the trend line break involving wave iv. The upward structure - while impressive in terms of its point gains - is quite choppy and does not sport the typical 'look' of a thrusting impulse wave. The overall shape of the pattern is in a wedge, and there are divergences at the highs.
The fifth upward wave of (c) occurred this morning on schedule, and then prices began to break the rising up trend line to the down side again. It is likely that if wave iv is broken lower, then most upward counting of waves by others will begin to end.
But that remains until tomorrow to see if it occurs.
Have a good start to the evening.