22:11 BST - SPX Update

On the counts that imply the rally from the 1 July low is a corrective one (Options 1, 2, 4 and 5) I showed completed double/single zig zags at yesterday's high in last night's update.

On the count that places us in a 5 wave move off the 1 July low (Option 3), which would be part of a larger correction up,  I labelled yesterday's high as wave (iii) of that advance, so we would now be in wave (iv).

The Options are the different ways to count the move down from 1219.80. There are 5 that I'm following and they are set out on the 60 min counts page.

Today's action doesn't yet tell us whether the rally from 1 July has completed a corrective move or whether its only all (or maybe, part) of a larger correction up.

Here's how things stand after today:

Option 1 - Wave (ii) of [iii] topped at 1131.23

15 min chart:

Five waves down from 1131.23 on this Option represents wave i of (iii) of [iii] of minor 1. The double zig zag I have labelled from the 1010.91 low would be wave ii of (iii), so implies a wave iii of (iii) decline to follow.

The 1099.46 high is the invalidation point for the completion of wave ii on the double zig zag as labelled.

I've labelled a (1)-(2)-1-2 to account for today's action. The invalidation points are today's high, which would eliminate the 1-2, and then yesterday's high, which would mean that we didn't top at 1099.46.

Option 2 - Wave [ii] topped at 1131.23

15 min chart:

For this Option, five waves down from 1131.23 represent wave (i) of [iii] of minor 1 down. The double zig zag up from 1010.91 would be wave (ii) of [iii], so, assuming its complete, we would be in wave (iii) of [iii] down.

On this chart I've labelled today's high at 1099.08 as a truncated 5th wave to complete the double zig zag. This is because the retracement of the decline from yesterday's high was very deep (94.1%) so could easily have been a truncation, even though a 94.1% retracement is a perfectly valid 2nd wave (.941 is the square root of .886, which is the square root of .786, which is the square root of .618, so its not just a random number).

However, at the moment, my favoured count is the one shown on the chart of Option 1 above.


The count shown on this chart is invalidated above 1099.08.

Option 3 - Wave [iv] of an ending diagonal completed at 1131.23

15 min chart:

For this Option, 5 waves down from 1131.23 to 1010.91 could be  wave [v] of a leading diagonal down from 1219.80 and, therefore, minor wave 1.  

It places us now in minor wave 2 up.  I've labelled the start of 5 waves up from the 1010.91 low, on the assumption that we will get a zig zag type move up for wave 2, since we  would be retracing the whole decline from 1219.80, not just the drop from 1131.23.

I'm showing us having completed wave (iii) of what I'm assuming at the moment will be a 5 wave move for wave [a] of minor 2.  This would mean the next pullback will be wave (iv) of [a]. This count would be invalidated if that assumed wave (iv) were to fall below 1028.74, the wave (i) high.

I've labelled today's action as wave w of an anticpated combination. It looks like it could be a flat for wave w. Wave y could be a flat, zig zag or triangle - we'll have to wait and see.

The alternate labelling assumes that the 5 waves down from 1131.23 is only wave (a) of [v] and that the retracement back up was wave (b). Assuming its complete, we'd now be in wave (c) down and the count shown on the chart of Option 1 (or 2) would likely be in effect.

Remember, if there is further downside  to come, we must stay above 999.83 for the leading diagonal count to remain valid. 

Option 4 - Wave [b] of minor Y within intermediate (X) topped at 1131.23

15 min chart:

For this Option, 5 waves down from 1131.23 would be wave (i) of [c] of minor Y and the double zig zag up from 1010.91 would be wave (ii) of [c].

However, as mentioned previously, counting a complete 5 waves down to 1010.91 does bring in the possibility that wave [c] of Y is done so we have also completed intermediate wave (X) - see the 60 min counts page. That would put us now in a minor wave A rally and eventually take us to new highs. If wave (X) did end at 1010.91, then the impulse wave I have labelled on the chart of Option 3 would apply here.

For the moment, I've assumed we are starting wave (iii) of [c] down with a (1)-(2)-1-2 from yesterday's high. Watch the 1099.08 and 1099.46 levels for invalidation.

Option 5 - Minor wave X within intermediate wave (X) topped at 1131.23. Now in minor Y down

15 min chart:

On this Option 5 waves down to 1010.91 would be wave [a] of minor Y down and the retracement would be wave [b]. If its over, we would now be headed down again in wave [c] to complete minor Y.

I've labelled today's action as the beginning of wace [c] - the same invalidation points stated for the other options which sport this count apply here.

For completeness, here's the chart I was posting today showing yesterday's high and the action which followed it today:

SPX 1 min - complete double zig zag:

I've labelled it with the (1)-(2)-1-2 count mentioned above. I had labelled today's low as iii of 1, but with the rally from there reaching 61.8% of the decline, it looks best as a complete wave 1 followed by wave 2. As noted, it could just be a (1)-(2), if we had a truncated 5th wave to end the zig zag.

One thing that needs to be borne in mind is that if we are in what would be a 3rd (or [c]) wave decline of some degree on all the options except Option 3, we need to see some really decisive downward action. Until then, I think that there remains a risk that the corrective rally from 1 July is not over and has a little more to go or that we are in the larger correction anticipated by the labelling on the chart of Option 3, or that we are now in a much larger rally which will eventually take us to new highs (see the comments in relation to Option 4).


Today's downward action was a start, but it needs to get alot more decisive than that before we can really start to believe that a 3rd wave down has started. So, I think caution is still required on the short side for the time being.

19:55 BST - SPX Update

Yesterday's high held, so I'm labelling today's high as a wave (2) (on the bearish count - see Options 1,2,4 and 5) or wave [B] (on the bullish count - see Option 3).

Here it is on the bearish count:

I have the drop from today's high as part of wave 1 of (3) (it would be part of wave [C] on Option 3).

Its not clear whether the low marked iii is the low of that wave or if we still need another low to complete it. If its wave iii and we're now in wave iv, the invalidation point is 1096.59.1. If its the 4th wave within iii, the invalidation point is 1095.01.

Today's high is the invalidation point for this bearish count.

15:40 BST - SPX Update

It looks Ok as a 5 down and an expanded flat up so far - 

SPX 1 min chart:

Taking out today's high would naturally invalidate this, but its one of those nice, risk reward situations.

14:41 BST - SPX Update

The gap area highlighted in the chart below would seem to be a good initial target if we did complete a corrective rallly from 1 July at yesterday's high:

SPX 1 min chart - complete double zig zag:

For the moment, we remain in the territory of a possible expanded flat wave (4), with yesterday's high being a double zig zag for wave B, so we need to be alert to this possibility.

14:10 BST - ES Update

Last night's update showed a potentially complete correction (double/single zig zag) into yesterdays high.

Here's the count for a complete corrective wave on ES at the overnight highs:

ES 5 min chart:

If the move off the 1 July lows was corrective, we need to see really decisive impulse moves down now, assuming the correction is complete. Otherwise, there remains the risk of the impulse count from the July low which I show in the chart of Option 3, which could just keep taking us higher. On SPX, the invalidation point for that impulse as labelled is 1028.74 - its a long way away, so as ever, caution is required on the short side.

11:47 BST - SPX Update: On the Bearish Counts - Leading diagonal or ones and twos?

So, on the bearish case, that 1219.80 represented a primary wave [2] top (see my Option 2 on the Long Term Counts page), the question arises whether we've completed minor wave 1 of intermediate (1) of primary [3], in the form of a leading diagonal - see my Option 3 on the 60 Min Counts page - or whether we're still in the process of a series of ones and twos down from 1219.80 - see Options 1 and 2 on the 60 Min Counts Page.

Here are some things I've been considering to try to answer this question.

For SPX, the way I have been counting it for the past several weeks has it complete for  minor wave 1 on 1 July.  Both the Dow and Nasdaq Comp can also be counted as complete diagonals on that date, althought their 3rd waves would have to on 8 June (because they went lower than their 25 May lows on that date) , whereas I have the 3rd wave on SPX on 25 May. 

The Transports and the Russell can't be a valid diagonal at 1 July since what would have to be their 3rd waves are longer than their 1st waves. However, they would be valid diagonals ending on 8 June, but that's inconsistent with SPX, Dow and Nasdaq Comp.

The Nasdaq 100 just doesn't count as a diagonal at all - when SPX made its 3rd wave, NDX failed to make a new low, so couldn't have had a 3rd wave of a diagonal at that time. It also failed to make a lower low than what would have been its 1st wave when Dow, and Nasdaq Comp made theirs, on 8 June, so that couldn't have been its 3rd wave either.

Here's a chart of SPX on which I've noted some of the differences between the indices:

SPX 60 min chart:

So, there are diagonals there to be seen, except on NDX, but they have different 3rd wave lows, or different 5th wave lows.

However, if I look at the ones and twos counts (see Options 1 and 2 on the 60 Min Counts page) this can be applied to all of the indices mentioned above, including NDX, even though the Transports and the Russell made  their most recent lows on 8 July, while the other indices made theirs on 1 July.

While there's no rule that all of these indices have to be in precise alignment with each other, and its perfectly possible that the Transports and the Russell led by making leading diagonal lows on 8 June, while SPX, Dow and Nasdaq Comp only completed theirs on 1 July, if we did make an important primary wave [2] top in April, it would make sense that they should be more aligned than applying the leading diagonal counts would allow. It would also make sense that in a primary degree 3rd wave, we would be stepping down in ones and twos, prior to a huge 3rd of a 3rd (of a 3rd on Option 1) to come. What could be more suitably bearish for a primary degree 3rd wave?

So, for the moment, I think I just slightly favour the ones and twos counts shown in Options 1 and 2 on the 60 Min Counts page. 

Clearly, I need to be alert to the depth of this latest retracement from the 1 July low, but we've seen deep 2nd wave retracements before - see minor 2 on 11 December 2007 (70.7% retrace - .707 is the square root of .50), or minute [ii] of minor 3 on 26 December 2007 (70.7% retrace).  We're at that level on SPX now on the counts shown in Options 1 and 2. 

So, I don't think we can rule out the ones and twos counts solely on the basis that we've retraced more than a certain level, unless, of course, we move above the start of the 1st wave that is being retraced. In this case, that means 1131.23 (although I explained on the 60 Min Counts Page why taking out that level won't necessarily invalidate a ones and twos count). I'll be watching the pullback from the current rally closely since it may provide an early indication as to whether we did complete a diagonal on 1 July, or whether we are now in that 3rd of a 3rd wave down.

And of course, deep 2nd wave retracements give a good risk reward when looking to enter for a potential 3rd wave move - in that sense, the deeper the better. But it obviously makes it more difficult psychologically to make the trade. But isn't that the purpose of a 2nd wave?

22:05 BST - SPX Update

Today's action finally reduced the counts for the decline from 1131.23 to 1010.91 down to one for the main labelling on each of the Options I am following for the decline from 1219.80, namely a 5 wave decline (you'll see from the 60 min chart of Option 2 on the 60 min counts page that for the alternate labelling on that chart, it could be a 3 wave delcine). 

The Options are the different ways to count the move down from 1219.80. There are 5 that I'm following and they are set out on the 60 min counts page. 

For the move up from the 1010.91 low, I've been posting the doube zig zag count today, which looks like it could be complete at today's high. This count applies to Options 1, 2, 4 and 5 (though on the chart of Option 5 below I've shown a single zig zag count). For Option 3, I'm labelling part of an impulse up from 1010.91, as you'll see below.

Here's how things stand after today:

Option 1 - Wave (ii) of [iii] topped at 1131.23

12 min chart:

Five waves down from 1131.23 on this Option represents wave i of (iii) of [iii] of minor 1. The double zig zag I have labelled from the 1010.91 low would be wave ii of (iii), so implies a wave iii of (iii) decline once its complete.

 

Today's high is the invalidation point for the completion of wave ii on the double zig zag as labelled.

Option 2 - Wave [ii] topped at 1131.23

12 min chart:

For this Option, five waves down from 1131.23 represent wave (i) of [iii] of minor 1 down.

The double zig zag up from 1010.91 would be wave (ii) of [iii], so once complete, we would be in wave (iii) of [iii] down.

Again, today's high is the invalidation point for the complete double zig zag as labelled.

Option 3 - Wave [iv] of an ending diagonal completed at 1131.23

12 min chart:

For this Option, 5 waves down from 1131.23 to 1010.91 could be  wave [v] of a leading diagonal down from 1219.80 and, therefore, minor wave 1.  

It places us now in minor wave 2 up.  I've labelled the start of 5 waves up from the 1010.91 low, on the assumption that we will get a zig zag type move up for wave 2, since we  would be retracing the whole decline from 1219.80, not just the drop from 1131.23.

I'm showing us having completed wave (iii) of what I'm assuming at the moment will be a 5 wave move for wave [a] of minor 2.  This would mean the next pullback will be wave (iv) of [a]. This count would be invalidated if that assumed wave (iv) were to fall below 1028.74, the wave (i) high.

The alternate labelling assumes that the 5 waves down from 1131.23 is only wave (a) of [v] and that we are now retracing back up in wave (b). Its possible that wave (b) completed at today's high, in which case, we'd now be about to start wave (c) down.

Remember, if there is further downside  to come, we must stay above 999.83 for the leading diagonal count to remain valid. 

Option 4 - Wave [b] of minor Y within intermediate [X] topped at 1131.23

15 min chart:

For this Option, 5 waves down from 1131.23 would be wave (i) of [c] of minor Y and the double zig zag up from 1010.91 would be wave (ii) of [c].

 

However, as mentioned yesterday, counting a complete 5 waves down to 1010.91 does bring in the possibility that wave [c] of Y is done so we have also completed intermediate wave (X) - see the 60 min counts page.

Option 5 - Minor wave X within intermediate wave [X] topped at 1131.23. Now in minor Y down

12 min chart:

On this Option 5 waves down to 1010.91 would be wave [a] of minor Y down and the retracement would be wave [b]. If its over, we would now be headed down again in wave [c] to complete minor Y.

For completeness, here's the chart of the double zig zag, zooming in on it from the low of wave (4) of [A], to show how it may count as complete now:

SPX 1 min - complete double zig zag:

16:04 BST - SPX Update

Here's a close up of the chart I posted earlier showing the count from the wave (4) of [A] low at 1058.24:

SPX 1 min chart:

This close up shows the count as incomplete, but what I have as wave (3) could easily be wave (5) and the end of the second zig zag, as labelled in the earlier chart. I think we have to take out the wave (1) of [C] high at 1077.95 without making a new high to invalidate the count shown since wave (4) of [C] can't end below that level.

15:40 BST - SPX Update

Well, the last ending diagonal count was invalidated by the move above 1092.99. So, here's another possible way to count a double zig zag up from the 1 July low:

SPX 1 min chart - double zig zag:

Though I'm showing it as complete, the squiggles allow for a bit more upside, depending on where the labels are put. Wave y will be 2.618 x wave w at about 1101, so that might be where its headed if it hasn't completed at today's high.

 

14:04 BST ES Update

I can't say this is a high confidence count, but everything I'm watching does seem to be moving higher in a wedgie fashion and on waning momentum.

If its a diagonal, wave (5) needs to be shorter than wave (3), so I think the invalidation point is at about 1089. So, it could be invalidated quite quickly.

ES 5 min chart:

22:10 BST - SPX Update

Alot of choppy sideways action again today. which means not much has been resolved since Friday.

The Options listed below are the different ways to count the move down from 1219.80. There are 5 that I'm following and they are set out on the 60 min counts page. 

On the chart of each Option I have labelled one of the 2 remaining Counts  for the decline from 1131.23. Each of these Counts could apply to any one of the Options, though what they mean may differ depending on which Option you are looking at. Count 1 shows 5 waves down from 1131.23 complete at 1010.91 and we are retracing the whole of that decline, while Count 4 shows a (i), (ii), i, ii decline from 1131.23 to 1101.91 and we are only retracing the decline from 1082.60 which is the wave i start point.

Here's how things stand after today:

Option 1 - Wave (ii) of [iii] topped at 1131.23

10 min chart:

I've applied Count 1 to the chart of this Option. It assumes that we completed 5 waves down from 1131.23 to the low of 1010.91. From that low, I've labelled a double zig zag count with the (C) wave of [Y] possibly complete at today's high, applying the count I showed earlier, of the ending diagonal for wave 5 of (C) which started at the 1058.24 low.


It remains to be seen whether or not that count will survive - today's high is the invalidation point. If we take that out, there remains the count showing an ending diagonal from the 1039.93 low, which appears to be in its 5th wave - it has to stay below 1092.99 to remain valid.


So, we just have to wait and see what the market does next on this.

Option 2 - Wave [ii] topped at 1131.23

10 min chart:

For the decline from 1131.23 to 1010.91, I've applied Count 1 to the chart of this Option also.

For the move off the 1010.91 low, I've also shown a double zig zag, but the [C] wave of the second zig zag is labelled differently. For the 5th wave of [C] I've assumed an ordinary impulse in is progress. (see the chart below showing an impulse wave from 1058.24). 

It could count complete at today's high, but we really need to see some decisive downside action to be convinced that it is a complete impulse.  Perhaps taking out the wave 4  low at 1069.54 might be a start.

Option 3 - Wave [iv] of an ending diagonal completed at 1131.23

10 min chart:

I've also applied Count 1 to the chart of this Option, giving us 5 waves down from 1131.23 to 1010.91.


I've labelled this 5 wave decline as wave [v] of a leading diagonal down from 1219.80 and, therefore, minor wave 1.  It places us now in minor wave 2.  I've labelled the start of 5 waves up from the 1010.91 low, on the assumption that we will get a zig zag type move up for wave 2, since we  would be retracing the whole decline from 1219.80, not just the drop from 1131.23.

I'm showing us currently in wave [3] of iii, which could well have been completed at today's high. If  wave [3] is complete, wave [4] will have to stay above the wave [1] high at 1042.50 for the count as labelled to remain valid.

The alternate labelling assumes that the 5 waves down from 1131.23 is only wave (a) of [v] and that we are now retracing back up in wave (b). Its possible that wave (b) completed at today's high, in which case, we'd now be about to start wave (c) down.

Remember, if there is further downside  to come, we must stay above 999.83 for the leading diagonal count to remain valid. 

Option 4 - Wave [b] of minor Y within intermediate [X] topped at 1131.23

15 min chart:

I've applied Count 4 to the chart of this Option. It puts us in an extending 3rd wave down from 1131.23. 

We've now retraced over 94.1% of wave i of (iii) - its still a valid 2nd wave, but its close to invalidating this count. Remember, the retracement can't exceed 1082.60 if this count is correct. If it does, it'll be likely that Count 1 is in operation (see chart of Option 1 above) and that will bring in the possibility that wave [c] of Y is done so we have also completed intermediate wave (X) - see the 60 min counts page.

I've shown the double zig zag count up from 1010.91. For wave (C) of [Y], I've shown the count for an ending diagonal from 1039.91 (the low of (B) of [Y]) making the whole of (C) an ending diagonal. 

This diagonal  looks like it still needs another up leg to complete the 5th wave of the diagonal. The 5th wave only needs to get above 1080.78 if the labelling is correct - but it has to stay below 1092.99 to remain a valid diagonal.

Option 5 - Minor wave X within intermediate wave [X] topped at 1131.23. Now in minor Y down

10 min chart:

On the chart of this Option I've also applied Count 4, so the comments made in respect of invalidation on Option 4 also apply here. 

I'm also showing a further alternative way to count the rally from 1010.91. Its a single zig zag, but different from the one I've shown previously in that we would have wave [C] starting from the low at 1018.33.


I've shown wave [C] as complete at today's high. If its not, then this (i)-(ii)-i-ii Count may be invalidated and I'll switch it to Count 1 showing a complete 5 waves down from 1131.23 so that we'd be retracing the whole of the decline from there to 1010.91.  It may not make a great deal of difference if we are in wave (ii) of [a] down, or wave [b].

Here are the charts dealing just with the last few day's action, showing the complete ending diagonal, the impulse up from 1058.24 which also looks complete and the ending diagonal that still appears to be in progress:

Complete ending diagonal - see the chart of Option 1 above:

Impulse from 1058.24 - see the charts of Options 2 and 3 above:

Ending diagonal still in progress - see the chart of Option 4 above:

18:38 BST - SPX Update

We've possibly had an impulse down from today's high (on my labelling, wave 3 is about 1.618 x 1 and 5 is about 2.618 x 1):

SPX 1 min - ending diagonal complete at 1080.78:

Obviously, today's high is the invalidation point.

If we take out the high, this ending diagonal may be the one in play:

SPX 1 min - ending diagonal from 1039.91:

Wave [5] has to stay below 1092.99 to be shorter than wave [3].

15;27 BST - SPX Update

Well, this ending diagonal would have to be counted as complete now (its the one in the first chart in the weekend update):

SPX 1 min - ending diagonal complete at 1080.78:

However, the one I posted in the 3rd chart in my weekend update could still be in progress - we'd have to drop below the dotted line without making a new high to invalidate it:

SPX 1 min - ending diagonal from 1039.91 still in progress:

15:45 BST - SPX Update

I think its possible to count either an ending diagonal or an impluse wave complete at today's high for either a 2nd wave corrective high or wave [3] of iii in an impulse up from the 1 July low. These are two of the charts posted at the weekend which I've updated with today's action:

SPX 1 min - ending diagonal from 1058.24:

SPX 1 min - impulse from 1058.24:

The impulse count may be the more likely to be complete, whereas the ending diagonal count could still only be in wave [4], today's high being wave [3], rather than wave [5]. On that count, we'd need to see the wave [2] low taken out to feel sure that the ending diagonal is complete.

13:10 BST - ES Update

Its possible to count 5 waves down from Friday's high on ES:

Es 5 min chart close up:

The alternate that we are still in the 4th wave down seems unlikely given how much it has retraced (over 61.8%). Clearly, Friday's high would be the invalidation point for this count.

If it does turn out to be correct, it would fit nicely with the completed ending diagonal on SPX that I showed on Saturday. Obviously, be aware that the other counts I showed in the same post anticipate more upside and I don't think the risk of that can be completely discounted at the moment.

Here's a wider view of the 5 min chart for context:

ES 5 min:

 

11:13 BST - Dollar Update

From the dollar page which I updated this morning, this continues to be my preferred count:

Dollar Daily - Option 2B: minor 3 extending, currently in [iv] of 3:

This chart doesn't capture today's push up in the dollar since the potential ending diagonal that I posted on Thursday 8 July, but it is looking like we may have seen the end of a wave [iv] correction, if this count is correct (as pointed out on the dollar page, the drop from 7 June could just be the completion of the first leg of an intermediate wave (2) correction which has a lot more downside to go).

Here's the 60 min ichimoku chart:

Its looking like the beginnings of an uptrend on this timeframe, with price above the turning (blue) and standard (red) lines and above the cloud , the turning line above the standard line and the lagging line (turquoise) above the cloud as well as above prices of 26 periods ago.

If this is a sustainable move up, pullbacks in price should now find support at the turning and/or standard lines and the lagging line must stay above the price line.

The initial aim is to see the wave iv high at 84.826 taken out, with the (b) wave high folowing quickly after that. As mentioned, caution is still nevertheless required given the possibility that Option 2B (see the dollar page) is the correct count.

My count for the Euro fits well with my favoured count for the dollar. Here is the daily chart:

Euro Daily:

Obviously, it could just have easily completed minor 5 at its June low, as shown in my Option 2B for the dollar (see the dollar page) which is my next preferred count. However, at the moment, the retracement since the June low does look to me more like a wave [iv] within minor 3, but that can change quickly. So, caution would be required on the short side here.

10:27 BST - Dollar Page Updated

See the dollar page in the menu above or click here

18:21 BST - SPX Update - Counts for action from 7 to 9 July 2010

In last night's Update I posted various ways of counting the move from the low at 1010.91, which included alternative ways of counting the action of the past two to three days. I thought I'd take a break from the heat and humidity we're experiencing over here and have a closer look at those possibilities.

I'm looking at the counts on the charts of Options 1, 2, 3 and 4 from last night.

Chart of Option 1:

On this chart, I'm showing an [X] wave low on 6 July at 1018.35. From there, I have an (A)-(B)-(C) move with wave 5 of (C) as an ending diagonal starting from the 4 of (C) low at 1058.24.

On last night's chart of Option 1 the labelling showed  waves i to iii of the ending diagonal possibly complete. Looking at it close up, it may be nearer to completion than that. Here's a 1 min chart showing the move from 1058.24 (ignore the wave degrees - I upped them for ease of labelling):

SPX 1 min chart - ending diagonal on Option 1, from 1058.24:

I don't think this looks too shabby, apart from the little foray of wave (B) of [3] below the lower line of the diagonal. However, I'd be prepared for more upside just in case we really are only in wave [3], with [4] and [5] yet to come.

Charts of Options 2 and 3:

On these two charts I labelled an impulse wave from the 1058.24 low. I posted the detail last night, but here it is again for the sake of completeness:

SPX 1 min chart - impulse on Options 2 and 3 from 1058.24:

Nothing to add on this one, except that if we have started the final 5th wave, I wouldn't be surprised if it takes the form of another ending diagonal.

Chart of Option 4:

On this chart, from the [X] wave low at 1018.35, I labelled an (A)-(B)-(C) move up. The (B) wave low is at 1039.91 and from there, I showed a possible complete ending diagonal. I said last night that I didn't think it is valid since wave 4 of the ending diagonal doesn't appear to be a zig zag. Here it is close up (again, ignore the degree of the labels):

SPX 1 min chart - ending diagonal on Option 4 from 1039.91:

I still don't think that what I show as wave 4 of the ending diagonal on the Option 4 chart from last night can be labelled as a zig zag - if it is one, its an odd one. On the 1 min chart you can see that what I have as wave 4 on the Option 4 chart I prefer to count as part of the zig zag for wave 3 of the diagonal. This means waves 4 and 5 to come.

Of course, the ending diagonal shown on the chart of Option 1 last night, which didn't look complete, may in fact be complete or very nearly so looking at the 1 min chart above. That count can also be applied to the chart of Option 4, so my concern over this ending diagonal may be meaningless!