This is a close up of chart 3 from yesterday's end of day update showing the possible ending diagonal for the final 5th wave up from the August low:
SPX 1 min - ending diagonal 5th wave to complete 5 waves up from August low, close up:
As shown by the main labels, we may have completed the diagonal at 1150. Its also possible however, that we're still completing wave v. In that case, we have to stay above 1132.09 to retain a zig zag count for wave v and we have to stay below 1159.22 for wave v to be shorter than wave iii.
However, you can see that the alternate labelling labels the high at 1150 as wave iii, with wave iv now in progress. If that's correct, wave iv has to stay above that dotted line and/or 1122.79.
Another possibility would be that wave iii is still in progress. Again, to retain a zig zag count for wave iii, it would then have to stay above 1132.09. To remain shorter than wave i , wave iii would have to stay below 1152.50.
So, these are the possibilities on this potential ending diagonal count. Bear in mind that the more bullish counts shown in charts 1 and 2 in yesterday's end of day update still stand (except the small ending diagonal in chart 2), albeit with some labelling adjustment. I wouldn't rule them out until we take out 1122.79.
