S&P500 Bullish Wave CountI have been keeping this count and avoiding activating this count because of my bias. But recent events and how the market has been moving has forced my hand. I am showing this count on a weekly basis because there are issues with wave counting rules that shows up on the daily timeframe.
Over here, what you see is that the 5th Aug fall is now a wave 4 on the highest level shown in this chart, and the move up since is a wave 5 move.
This is consistent with the following events that are non-technical:
1. US debt ceiling removal until 1st Jan 2025.
2. US Presidential Election.
3. Sep Fed rate cut and probably further cut on or before the next FOMC.
4. China recent move that caused the Chinese and Hong Kong market to fly.
The existing issues with IWM and Nasdaq still below peak and showing such divergence is still a going concern that we will need to continue to monitor.