It appears the SPX is still in a Elliott wave Horizontal Triangle from the 1/26/18 all-time high.
The rally from the bottom made on 4/2/18 to 4/18/18 looks like a choppy corrective pattern which is what
you would expect in a Horizontal Triangle, where the sub waves divide into three wave patterns.
Additional proof that what has been forming from 1/26/18 is a correction within a on going bull market
comes from the dimension of Momentum. On the peak of wave "b" made on 3/13/18 there were 152 new NYSE highs.
At the lower wave "d" top there were 153 new highs. Underneath the surface the bulls are in control.
If the supposed wave "e" down is in effect the decline will probably continue for two or three trading days.
Price target zone is in the low 2600's area.
Mark
The rally from the bottom made on 4/2/18 to 4/18/18 looks like a choppy corrective pattern which is what
you would expect in a Horizontal Triangle, where the sub waves divide into three wave patterns.
Additional proof that what has been forming from 1/26/18 is a correction within a on going bull market
comes from the dimension of Momentum. On the peak of wave "b" made on 3/13/18 there were 152 new NYSE highs.
At the lower wave "d" top there were 153 new highs. Underneath the surface the bulls are in control.
If the supposed wave "e" down is in effect the decline will probably continue for two or three trading days.
Price target zone is in the low 2600's area.
Mark