With the rally on Thursday and into Friday's close, I had to reconsider the the SPX was taking an alternate road map in this correction, and that a contracting triangle is what will actually play out at this point. It is interesting to note that the low for wave-e is 2594.62, and my first target for the corrective low was 2591.67; this also is a consideration in my change of fractal count.
In the hourly SPX chart, you will notice the momentum indicator line rallied up to the green TL, then paused. There may be a pullback on Monday, but I suspect wave-e:iv may be complete at this time... if not, then wave-b:e:iv is complete and there is one final leg down (wave-c) to complete... then the correction is complete and the march back upward to new ATHs will commence. WIth fractal theory, there are always alternate counts, but for now, this becomes my favored count until it's invalidated.
Link to SPX 60-min chart: https://postimg.cc/image/oka3gt0ft/
Looking at the daily charts, both the fast and slow momentum charts appear to be in a position that they could simply rise from here... we shall see!
Link to SPX daily fast momentum chart: https://postimg.cc/image/7jr785i9l/
Link to SPX daily slow momentum chart: https://postimg.cc/image/aducljfa1/
Regarding the SPX weekly fast and slow momentum charts, they're both still in a definitely LT bullish configuration and could simply push back upward from where they are.
Link to SPX weekly fast momentum chart: https://postimg.cc/image/l9h53bill/
Link to SPX weekly slow momentum chart: https://postimg.cc/image/wltql3bux/
Moving on the the monthly charts... I put in the SPX monthy ATR with a fast momentum indicator line; I think I've posted it a time or two in the past... it shows the indicator line still clearly in a bullish configuration, but please note that it has not even been able to break through the DTL from its ATH going back over twenty years, but has twice respected it and turned away... this rally appears to be on borrowed time. Note also the ATR is still sitting at ~2633 on a closing basis for the month of May... I do not see it being elected this month.
Link to SPX monthly fast momentum chart with ATR: https://postimg.cc/image/l0o5qxkuh/
Finally, and last, but not least, an update on my SPX projection chart from 4.9.16... I suppose it seems fitting that a bullish pennant formation at about the halfway point is the set-up for the next phase of this bull market run that I think will take the SPX upward to the ~3600 range... but as always... time will tell!
Link to SPX EW projection chart: https://postimg.cc/image/c1owmlgo9/