sorry but I just can t see this DEC-JAN move as motive. Shifted count a little bit. Moved B to prior peak and now 4 only has a little bit of room to roam. Be careful of the head fake here ( wave 4)
I've been watching this FLAT pattern forever as well! I haven't been able to disprove my count, which is very similar to yours. I have the top at the same location as you. I also have Wave A ending where yours is. My Wave B ends where your Wave 2 is.
I believe the final 5 waves (Wave C of the Flat) are an Ending Diagonal (sequence 3-3-3-3-3). Ending Diagonals ONLY occur in Wave C or Wave 5. Per Elliott, Wave 4 of an Ending Diagonals ALMOST ALWAYS enters the price territory of preceding Wave 1, but cannot surpass/extend above the ending point of Wave 2. -- Don't give up on the bear count unless SPX rises above Wave 2 (mine is around $2682)!
Because all Ending Diagonal Waves move in ZigZag patterns, I'm expecting Wave 4 (of Wave C of the Flat Correction) to turn downward next week January 16/17th. The counting of this Wave C is difficult, if I've done it correctly, today was the completion of Wave 4 of Wave C within Ending Diagonal Wave 4 (of Wave C of the Flat Correction).
MountainKing
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For updates:
Neilbob
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@abarnes8, I'm without my Prechter book as reference right now lent it out to a friend. Where does it (or other ref) describe an expanding wedge?
MountainKing
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@Neilbob, My version of Frost and Prechter has the Charles J. Collins introduction. Diagonals are introduced in chapter 1 (p. 26). Rules/Guidelines are summarized in chapter 2 (p. 87). Best of luck and be sure to get your book back :)
@Neilbob, Thank you for this! I'm seeing the pattern almost exactly like figure 6 within this article! We'll know for sure by the end of this week.
J-Streak
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Leading Diagonal - watch for trendline from October high to Dec 3rd to act as the 4th wave resistance
MountainKing
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@edub91026, I'm trying to see the Leading Diagonal you referenced. Do you mind sharing your count (or an image/link of your chart)? How did you count Sept. 21 through October 3?
MountainKing
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@abarnes8, never mind, I see it in your ideas now.
J-Streak
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@abarnes8, I have Sept 21 - Oct 3 as a truncated 5
I believe the final 5 waves (Wave C of the Flat) are an Ending Diagonal (sequence 3-3-3-3-3). Ending Diagonals ONLY occur in Wave C or Wave 5. Per Elliott, Wave 4 of an Ending Diagonals ALMOST ALWAYS enters the price territory of preceding Wave 1, but cannot surpass/extend above the ending point of Wave 2. -- Don't give up on the bear count unless SPX rises above Wave 2 (mine is around $2682)!
Because all Ending Diagonal Waves move in ZigZag patterns, I'm expecting Wave 4 (of Wave C of the Flat Correction) to turn downward next week January 16/17th. The counting of this Wave C is difficult, if I've done it correctly, today was the completion of Wave 4 of Wave C within Ending Diagonal Wave 4 (of Wave C of the Flat Correction).