Important S&P 500 Bottom on 10/7/20?

Sometimes in Elliott Wave analysis its difficult to differentiate wave degree, this happens when one movement is smaller/larger than waves of the same degree.  This appears to be the case soon after the S&P 500 (SPX) bottom of 9/24/20.  The first rally and decline could be the first two waves of a five wave Elliott Impulse that peaked on 10/1/20. 

This impulse wave is labeled Minuette wave (i), the subsequent rally after Minuette wave (ii) could be a lower degree Sub Minuette wave “i”.  If so, this represents a very bullish series of “one’s” and “two’s” up and implies an extraordinarily strong move up that could continue into late November 2020. 

If the decline that happened late in the trading session 10/6/20 is not complete, there could be an important bottom near a .382 retrace of the rally from 9/24/20 to 10/6/20. 

Assuming the SPX does not open below 3323.70 – traders go long SPX non leveraged related SPX funds at the open of the SPX session on 10/7/20.

If the SPX opens below 3323.70 do not go long.

If long positions are initiated use a move below SPX 3323.70 as a stop loss for half the position.

Use a move below SPX 3294.00 as a stop loss for the second half of the position.