SPX Update

Last update noted that we could see some "hemming and hawing around the black line," and that's what we've seen since then.

Near-term, I parsed the wave going back to early November, and it does potentially count as a five wave structure within that time frame (not necessarily five larger waves since the September low, though).  More after the chart...

So... by "doesn't really fit," what I mean is that we wouldn't expect a third wave to show so much overlap... that suggests either it's a terminal structure that could reverse lower soon, or it's a subdividing third wave that could accelerate higher soon.  In other words, if nothing else, we can probably expect things to get a bit more interesting in the near future.  As long as bulls can sustain trade over the intermediate line, they're probably in good shape, but if they can't, then stay alert to the potential of a "surprise" correction.  Trade safe.