The 15 – minute S&P 500 (SPX) chart courtesy of Trading View updates the action.
The 02/27//23 blog illustrated that Minute wave “iv” may have bottomed at the SPX 02/27/24 low. This could still be the correct wave count, however the choppy nature of the rally off that bottoms suggests something else could be developing.
An Elliott wave – Horizontal Triangle could be forming.
This corrective structure only appears in the fourth wave position of motive patterns and in the “B” wave position of corrective waves. Horizontal Triangles are composed of five – sub waves each of which further divide into three wave structures. Horizontal Triangles are sideways corrections that are usually formed between converging trendlines.
If this count is correct, Minuette waves ( c ), ( d ) and ( e ) could form in the next one or two trading days.
There’s a low probability the Horizontal Triangle could already be complete. If the SPX on 03/01/24 rapidly rallies to the 5,120 to 5,130 area it could be an important top.
Four Dimension Trading 