S&P update

s&p may 7 2018

Here is that triangle again. Last Friday it hit the of wave e (or d) and predictable zoomed up a hundred points or so. The question now is was this really a triangle and is it a 4th wave triangle or a B-wave triangle and is it actually complete. For the moment anything is possible. Triangles serve to kill time when the market is more or less in balance. Sometimes even more time is needed and the triangle expands sideways adding an f and g leg and sometimes even more than that.  Both a 4th wave and B-wave triangle are still possible so it is advisable to wait for a clear breakout (when e exceeds the extreme of d). Under the circumstance, where the first leg is not clearly a 3-wave structure but could be a 5-wave impulse wave, this structure can still resolve itself in either direction.

Another interesting potential triangle is developing with Disney, . Perhaps the distinction between reality and fiction is getting so tortured that it stimulates the movies. This one is a lot longer!

dis may 7 2018