According to my Unified theory of Elliott Patterns (g), there is no real difference between our counts. If you "mentally" - squeeze down the Flat/zigzag on SPX, if you kinda "squash" it, it will acquire the look of a Triangle. In the end, it's made of the same corrective stuff.
Caveats -- 1) It may become more complex, evolving into multiple "threes", and 2) On occasion, especially during last year, seemingly corrective wiggles had a tendency simply to begin accelerating in the "wrong" direction. The most recent example was last October low (hourly), when the action contained tons of overlaps and looked clearly corrective - until it just took off. So, I am careful and trying not to take all this stuff for granted. If in doubt, will cut down or step aside with the active positions.
That said, most likely it will end up breaking down. If SPX creates overlaps above 1272 or so, then the bearish short term case gets weaker. |
