SP500 Intraday Bearish Outlook.

My ending diagonal may not happen as the markets still have downside pressure today. I did change my degree level to an intermediate degree “B” wave top. Any decline has to be 5 waves in Minor degree, not Minute degree.  I have multiple different tops between 5 different indices and sorting them out will take time. This is my third bear market since the 2000 peak and I’m very stubborn in sorting out tops.  We need a long set of 5 waves in Minor degree, which could  land us directly on the “A” wave in Primary degree.  If this wave count has more validity to it, then it can stretch and extend dramatically. It sure would help to answer the question what type of a correction Cycle degree wave 4 will have. I think I can still put any Cycle degree triangle pattern back into my inventory as any Cycle degree correction should happen in much less time

If this continues, then all support below this chart will not hold.

We will be finishing the third month of this bearish phase and that is not nearly enough time to finish a big correction. We could be heading into the summer  where the winds start blowing from the NW  much stronger flipping our little “sailboats” upside down.

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