[S+P500] update

In the backlink I was looking for another wave that would approach 2020 and put in a full 5 waves.



Today we took another step toward that goal and we just might have put in the peak at 2016.50.





Zooming way in, my best count says we are likely working on red 5.  It can be a short stroke to create owl ears but we could also see one more stab up in the AM to ~2025 and then perhaps an AM reversal.  But if the bulls skate by on Friday they will likely get hurt on Monday.

When UVXY bottoms (could spike down to $32 to fill that gap), it will not likely stay there very long.  I expect a unicorn tail type downside capitulation in that ETF.  But then you want to own it.