My alternate count from yesterday seemed to play out today. One of my counts was that today would be a choppy day, but it could go a little higher. The SPX bounced around in a 10 point range today, finding resistance around 1107 and support around 1097.
The wave counts are not as clear as I would like for them to be for an impulse wave down. I don't want to have to force in the waves. It doesn't feel right when I am forcing in waves for a impulse.
The only way I can count this for now is that wave (i) of the next down leg is a leading diagonal. This is rare for wave 1's, but still possible.
If this count is right, wave (ii) should have topped today, and we should continue down come Monday.
But if we can count a leading diagonal on the downside, there is also a potential way to count this in a bullish way.
From the lows, it seems that we can count this as an impulse LD up as well. At this point, I highly doubt it because we really haven't had a day where the internals have supported a new uptrend. We'll see how this plays out though.
The daily chart seems as if it wanted to roll over again, but we have once again stalled.
For most of November and December we were in a range between ~1085 and ~1110 on the SPX. We seem to be trapped here once again.
Breaking out on either side will determine the trend.
I will have more over the weekend, and I will try another video if I can find the time. Thanks!
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