The leg down (A) is now complete and it has started wave B up, which will probably be a zig-zag itself or a flat. Last 4 days it did leg a (red colour) up and it reached our target.
The wave count is dificult on this leg a because it is basically straight up on the daily and even hourly charts. Looking on a 3 min chart, market has enough waves to complete leg a and can turn down from here to start leg b (red colour) down; however, there are many ways to count from here, and a completed leg a has a low probability in my opinion.
Another way, is to count leg a as 5 waves, with 4 waves completed and wave 5 to be done. The problem with this count is that if wave 5=wave 1, it implies that spx goes to at least 2930ish which is too high for my taste.
So, I will go out on a limb here and say that leg a is a zig-zag, with the zig completed and the zag currently missing wave 5. Now, if wave 5=wave 1, this wave 5 will probably be 1%, which puts spx around 2900.
So, to recap, while there are many possible counts from here because leg a up is murky on most time frames, I expect the market to go up another 1% from here, and then leg b (red colour) down should follow as shown on the chart.
From there, it will go up again to finish wave B up. Then, wave B wave will be followed by leg C down (more about it when we get there).
Do not use Elliott waves for short term trading - they work properly for longer term trading (i.e. 2-3 months is the best)
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