Identifying the completion of a price pulse and/or wave
is a process. The first step in spotting the possible end of a pulse or wave is
the appearance of a closing price below the Turning Point Trend Line (in green)
or a new Price Bar Trend Change Signal (green circle). Yesterday both of these
events occurred in the cash S&P500 index.
The final step required to show that the entire move on
the daily chart from the April 18th low is indeed a price pulse/wave
is for a move below the Price Pulse Confirmation Line (horizontal red dashed
line) currently lying at 1623.09. One piece of technical evidence supporting the idea that the pulse up from April 18th is complete is the bearish RSI (top pane of chart) divergence with price after May 15th.
