SPX - is the rally off Dec 2018 lows can complete here?
Since the low in 2009 SPX has been following the Five Waves UP fractal suggested by the Harmonic Elliott Wave theory.
I count the top made in September 2018 as the top of large wave 3 up, completion of the strongest part of the rally.
A drop into December 2018 low is counted as wave 4 down.
As you can see on the chart below, the rally that starts at the bottom of the corrective wave 4 should have an impulsive structure. That means it has to be subdivided into five smaller waves.Now lets scroll down and zoom-in the structure of the rally started in December 2018.
The Five Waves Up Fractal as proposed by the Harmonic Elliott Wave Theory
As you can see on the Daily chart of SPX ( below) so far it does not have a completed structure. This top we are about to make looks more like a top of the wave ( iii ) up. Wave ( iii ) is the strongest part of that rally but wave ( v ) has to make a new higher high after a corrective wave ( iv ) down.
That count where we are going to make a top of wave ( iii ) only is supported by an inverted count of a drop in TVIX off the top made in December 2018.
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S&P 500 index - Daily chart updated on 4/6/2019
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