S&P 500: Alternative View - Triangle

Current consolidation in S&P 500 could shape a triangular pattern ABCDE.
The drop started on 18th of April shouldn't exceed the low of the wave C at the 2553.
The breakout of triangle could be a trigger to enter long.
Some riskier people could buy on the dip to the downside of Triangle but it would be a mere guessing
as the WXY main count could still unfold successfully (related idea).
The minimum target area starts at the former top at the 2873.

Комментарий:

It looks like the pattern develops in line with the triangle model.
The wave "E" retraced the wave "D" very deep down to 78.6% and that is a healthy sign.
Now we see how the index is approaching the trendline resistance (B-D line).
Watch for the breakout to enter long.

Комментарий:

Breakup above wave D beyond the 2718 makes this idea valid and dominant

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Despite that Nasdaq is rocketing higher the S&P 500 and Dow are lagging and it makes me think of one old chart I posted earlier for the S&P 500 in February

It was simplified as the correction just started and in reality it is not an ABC it could be a larger WXY correction but the blue zigzag there shows the path.

Комментарий:

Here is an updated chart for the current idea

MACD shows bearish divergence and I would recommend to book profit here as price couldn't overcome the 2802 the crucial resistance and there is a chance of a complicated correction ahead and I will prepare the separate post later

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Better take profit as I don't like Dow and AAPL chart structure.

Комментарий:

Eventually hit the target and went beyond