Hypo 1(Yellow) : If this market goes above 2942 then that would mean that W.v of W.iii) is continuing as an Ending Diagonal.
Hypo 2 (Cyan) : On the other hand if we see a break below the Cyan channel straight from here then that would mean that we are in a W.iv) Flat type of correction.In case of H1, we will look for the Ending Diagonal to complete and then go short, in case of H2 the best strategy would be to wait for the completion of W.iv) and then go long for W.v)
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Hypo 2 : Wave iv continuation is the count that played out :
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SPX : 1H : Updated Count : Expecting minimum two legs down :
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SPX : 4H : Updated Count : W.iv) looks about complete, waiting for reversal to confirm the same :