In my post after the close on Friday, I gave a couple of counts showing where we might be if Friday's high at 1121.01 was the end of a 5th wave. With the futures up as much as they are currently, it seems unlikely that those counts will hold. Assuming they do not, it may still be possible to count a completed 5th wave applicable to all of the alternate counts I am following, on any new high today.
Here is the potential count on a 2 min chart:
SPX 2 min chart - potential 5th wave high today?
Obviously, we can't ignore the more bullish counts I showed in Friday's after the close post, which put us in the early stages of a 5th wave. I think I'll be looking initially at the (E) wave low of the triangle wave [4] being taken out as a sign that this count may be the operative count. However, bear in mind that the levels I gave for invalidation if the two bullish counts, 1113.93 and 1106.85 may prove to be a better indication of the more bearish count being in play.
