For over a month I have been looking for lower-lows to complete wave-c:iv. I had three targets, basis the SPX: 2591.67, 2461.72 and 2332.11 for the completion of wave-c:iv, with the first being hit several weeks ago, with the low of 2585.89, though I still favored the second lower target of 2461.72.
On the FF board I recently pointed to the rising wedge formation, suggesting the possibility of it breaking downward to complete the wave-c:iv, though it is also possible, from a fractal perspective, that wave-c:iv was complete at the 2585.89 low, but from a momentum perspective, I think the price needs to drop lower and perhaps create a divergence of momentum against price.
In Friday's trading, the price did actually break downward from the rising wedge and closed below the same. Then a few hours later, we learned that a missile strike began in Syria, so it seems there will be a continuation of the downward break from the rising wedge, especially in light of what happened last April, when the first round of missile strikes took place.
Below I included the daily and week S&P 500 futures charts for the April 2017 period, when the first missile strike took place. You will notice the market, as is the case now, was already in a downtrend, and for the week following the strikes, intensified the downward pressure, which was over by the following week.
The bottom line from my perspective is that the correction could be done from a fractal point of view, but from a momentum point of view, I think the market needs to drop to a lower-low and perhaps create a positive divergence against the momentum line. On the daily SPX chart, perhaps a drop to the lowest trine of Andrew's Fork would be a good target.
The IT trend is still in place, as every momentum indicator on the daily and hourly SPX chart continues to be in a position to support further downward price movement... if the alternate fractal count I showed as a possibility is in play, then we will also continue to see higher volatility with large price swings in both directions until the corrective action is completed... as always, time will tell.
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