SP 500 MARCH 3RD POSTED MARCH 4TH

The S&P has moved higher for a deep second wave correction and price remains below the invalidation point at 1,337.1 on the hourly chart.

The trend change still looks likely today. However, it remains unconfirmed. We need to see movement below the pink parallel channel containing wave 5 blue impulse upward and movement below 1,265.1 to confirm it. Until this trend change is confirmed we must allow that the S&P could yet continue to rise to new highs, and that primary wave 2 is not yet over.

I am still having difficulty seeing a decent looking wave count which allows for more upward movement to a new high for the S&P.

When this correction is over this wave count expects a resumption of strong downward movement.