The cash S&P500 has been slowly working its way upward over the past couple of sessions in what I believe to be the “c” wave of ana-b-c zigzag pattern. We will know the zigzag is complete if we break below 1369.84.
Today’s chart also has a tight cluster of Fibonacci ratios related to the a and b waves of the current zigzag. For instance, if wave c = 2.236 times wave b then wave c would end at 1403.3. We made high yesterday at 1402.9. Once wave c ends we should drop rather quickly below the “0-b” trendline shown in orange. Of course the zigzag does not have to be complete until May 7.
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