This is just the index chart of the SP500 and only moves during trading hours. It does not move at night like the real contracts do. Some of the wave patterns come out more defined that those wild contracts that many investors trade with. This chart shows much better the record low with no truncation or double bottom like it shows with the mini contracts that I normally use. There is no way I can ignore this index to double check in helping to confirm any wave count.
The SP500 index soared from the 9th bottom with only one main correction so far. This is a sign of a zigzag that may have just topped out. Stock bulls are thrilled with this run as they think the 10% bull market correction is over! Maybe so, but this move is too vertical and a correction must happen.
The fast decline from the top does not suggest that a correction has even taken place. I would have to see a completed correction like a full fledged flat or zigzag, in order for me to call it a correction. Just because this index dropped 340 points does not mean a correction has taken place. The majority of all investors work on price, they care little about the pattern that has actually developed.
I believe that a Cycle degree 4th wave bear market is coming which I call “The Big Dip”, 😉 . All those that think they are buying into the little dips have no clue that this market has a long way to crash.
Steven Jon Kaplan has sent me a very detailed description of what’s coming in the next few years, and I am the last guy on this planet that will argue with him. EWI also thinks a major top is in and they are pretty good at picking tops. Picking the bottoms by wave analysts needs to be improved dramatically. If the younger investing crowd has no desire to learn what happens at bottoms, then they are following a strategy that the majority practice.
Most investors also ignore the sun cycles, even though the sun cycles control all action on earth. The switch from sc#24 to sc#25 may happen anytime close to the 2021 time period, and when sc#25 does start up, all our bearish thoughts, bearish wave counts, and opinions will get trashed.