The C leg I had been expecting has not materialized and if we are still in a correction then the market would be on a B of an expanding flat. However, I am leaning towards labeling this leg a W3 with the A leg being a quick Zig Zag correction. I'll have a better idea tomorrow and I'll label accordingly. I started leaning bullish once the Short Term Trend went bullish so just have to find a count that fits to hedge/take profit/short accordingly when the time comes. Also, I posted the Int Chart so you can see how I've labeled the waves. The bullish daily MACD cross and the corrected RSI leaves room for substantial upside in May. There is a good chance if 1597 breaks, bears will be running for the hills once again and see another big rally.. If I was short I would set my stop at 1597-1600 so we'll see what happens if this level clears.
I ended up selling the VXX position for a profit when the index broke the trendline on the cup and handle pattern and perhaps I will buy it back at low 18's or even 17's? When the structure is complete, I will load up on a lot of these things to enjoy the summer correction :)
Main S&P 500 Trends
Short Term Trend = Bullish
Medium Term Trend = Bullish
Long Term Trend = Bullish
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