KEEPING THE EYE ON THE BALL
Why does the wave pattern suggest that no matter the outcome of near term events things look bearish 1-2 months down the road ? Because simply Minor 1 of (C) was only 110 SPX points. Minor 3 was almost 2.619 Fibonacci of Minor 1. Thats a long wave 3. The sideways trading range is a deep range, not a tight contracting pattern. Its not a particularly strong market structure long term in my opinion.
So as I showed last night, the 4 major asset markets, Gold, equities, bonds and the dollar, may be putting in long term topping/bottoming patterns. It may have a few more weeks to run. We can certainly give it that. Not one asset class has broken its long-term trend just yet yet all show signs and wave patterns that is consistent with topping/bottoming pattern. So again, we await more and more squiggles to add to the evidence for each.
Triangle Minor 4 is still probably the best count for now. 1287 is still a legitimate wave [e] target. Unresolved still.