Overnight the SPX futures looks like a motive wave rally completed. While this eliminates a few counts, there is still no definitive direction, Flat is completing or wave e ending diagonal from October 2014 is under way. consolidation is happening this morning. wait for a break below 2040 to short, and a price above 2050 to go long.
So,if wave 5 up began last Thursday for example......ed1 would have completed at Thursday's high, a three waver. Ed 2 a nice deep retrace completed during the day Friday creating a nice wide base to the triangle/diagonal. Monday's close completed ED3 and began ed4 down. Today's drop was/is ED4 down and provides the overlap with ED1 in the SPX 2065 area. ED5 up would complete a nice ED 5th wave .
If that plays out today and tomorrow I am entering UPRO again.
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