9 Sep 2020 ● 05:47 AM
In the S&P 500 the third wave was the shortest so I marked it as 1-2-1-2 and not 1-2-3-4, in the case of the Transports index we can mark 1-2-3-4-5 as the third wave is not the shortest. But this index has barely shown us any price reaction in the last few days compared to the main indices. If 5 up is done and it is a larger wave 1 up then wave 2 down would be a deeper correction but so far no signs. So will the S&P wave count end up fitting out here as well later? Need to keep that alternate at the back of the mind. So far expect some consolidation before going higher here as the daily momentum remains in sell mode.