$SPX: Topping Pattern Unfolding: A Reasonable Bearish Wave Count

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$SPX $NQ #topping #top #a-b-c- down off the top

In my morning report I shared a very very bullish wave count of Es-mini futures.

However, there is a much less bullish wave count. Both, SPX and NQ can be counted in that topping way:

S&P 500, cash index, 120 min chart

zooming-in:

SPX 120 min chart

Let’ check a micro 5 min chart:

SPX 5 min

I really like the clean subdivision of the subwave (a) of wave ( v ) up.

Then we see a super clean and crisp corrective -a-b-c- down structure of the subwave (b) down of wave ( v ) up. That wave count allows bulls to re-test the Feb’25 top and this is exactly where the five wave up rally off the early April’25 low can finally top.

NQ-mini has been following the identical wave count:

NQ-mini 30 min chart

Those wave counts send early warning signals to bulls. If price follows those counts we will see some top this week and then we will get a large corrective (a) down, (b) up, (c) down structure retracing from 33% to 41.4% of the rally off the early April’25.

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