Today 03/17/22 the S&P 500 (SPX) continued to move above the trendline connecting the supposed wave “two” top – 02/09/22 with the supposed wave “four” top – 03/03/22 of a presumed Elliott wave Ending Diagonal Triangle from the all-time high on 01/04/22.
The daily SPX chart courtesy of Trading View illustrates the declining trendlines.
The declining red – trendline shows that the presumed Ending Diagonal Triangle still has a wedge formation. Evidence from an internal momentum indicator suggests that the SPX could soon move out of the wedge.
The daily SPX – Bullish Percent Index ($BPSPX) courtesy of StockCharts.com illustrates recent bullish strength.
The Bullish Percent Index is a breadth indicator based on the number of stocks on Point & Figure buy Signals within an index.
The SPX high on 03/17/22 was slightly below the peak made on 03/03/22, yet $BPSPX has blasted far above the high this indicator made on 03/03/22. This internal strength implies that the SPX could soon be moving well above its 03/03/22 peak.
As of 03/17/22 the SPX – Elliott wave – Ending Diagonal Triangle count is still valid, it could soon be invalidated.
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