SPX500 - What will the week ahead reveal?

This chart shows the bullish view with the current low being a wave 4 and the expectation of am still coming new high (or double top). Although unusually deep for a wave 4 it does not break any rules.

If the index is now bearish it will break the two lines I've drawn for confirmation. So rather than guess at a direction right now, I wait for the completion of one pattern or the other.

You see it is highly likely that if there is a new high this should again give way to a broader downturn as the market is so overbought.

Commento:

Watching for a top to go short