E-Wave for the S&P 500 Index

[RCKS]

"...unless SPX whipsaws its recent breakouts, we just have to presume the trend remains up...."

http://www.pretzelcharts.com/

Last update noted:

SPX has formed a potential bull nest over the near term. Bears would need this to be part of a diagonal (or b-wave), otherwise it's just going to run higher for a while (at least a few weeks)

Be aware that unless something new materializes, I'm probably going to be saying "no change" a lot. Nevertheless, I did want to highlight some interesting recent events, starting with SPX's near-term target capture:



Next, we have another target captured and exceeded -- this time from June:



Finally, let's keep this in mind:



In conclusion, unless SPX whipsaws its recent breakouts, we just have to presume the trend remains up. On the bear side of the coin -- well, SPX has reached two targets, so there's always a short reversal window when that occurs... and while that probably looks less likely, it is a Fed day, so it's never a 0% chance. Trade safe.