S&P 500 Daily Update: Alternate Counts

SUMMARY

The S&P 500 (SPX) continues to adhere to the below primary count. Price has probably just started to pierce the bottom white line of the upward wedge. It's likely that blue wave 1 is complete and blue 2 is already in early progress. However, I've been asked for the alternates and so the below charts reviews some of them.

The whole sequence could be an ABC where B is not yet complete and so as it makes an incremental higher high; the red C wave could take prices down to the 2,400 range.

Should prices reach an all time high; the Expanded flat sequence could still be in place. This would bring the B wave higher than the origin of A.

The less likely is an ascending right triangle pattern. It'll take into the Fall to complete this and thus much less likely. SPX corrections are much more swift.

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