S&P is in a minor pullback now ahead of the US cash market open. This pullback is for in three waves from 1950 so it can be just a minor correction within ongoing uptrend. We labeled it as wave iv) that can be part of an impulsive reversal from 1897 low. For now it's too soon to confirm a bullish turn, but push up to 1958 will be fifth wave which means that stocks should then recover much more in sessions ahead. On the other hand, an overlap with 1928 will invalidate the count and likely send S&P500 back to the lows.
What is impulsive Structure?
Impulse is a five wave pattern without overlaps that indicates a primary direction of a trend.
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