S&P500: Impulse to 3200 most likely

12 dic 2019

In my last update from 10 days ago I was wondering if we were dealing with a diagonal or standard impulse. Regardless of these two larger price patterns, I was looking for ideally 3087-3043 to be reached before the next leg higher to 3190-3230 would commence. We got SPX3070 and now the SPX is already making new ATHs. Looking at the smaller waves off this 3070 low, we should see a few more micro 4th and 5th waves to complete the impulse at ideally around 3205+/-5p barring any unforeseeable fib-extensions of the waves. From there we should a ~5% correction to once again the 3087-3043 zone for either (green) minor-4, or the one-degree higher (red) intermediate-iv wave. Once this wave is completed we can expect the next rally higher to new ATHs. Thus for now the impulse count is the most likely larger price pattern I will prefer until proven otherwise.

Trade safe!