Subscription: Access to Micro Counts of US indices
SPX should start a pullback in wave ( iv ) down
SPX does not have any room left for any extension higher of this wave v of ( c ) of ( iii ). As I recently explained in my last update on Natural Gas, wave 5 normally targets 76.4% – 85.4% extension of a distance travelled by waves (1+3) combined as projected from the bottom of wave 4. The most extreme case is 100% extension. For SPX that 100% extension for wave v of ( c ) of ( iii ) is 2,921. Basically it has reached up to its ceiling and needs to start a pullback down in wave ( iv ) down.