Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

How Now Wavecount?

The SnP500 at least showed a potential high probability wavecount today after spending more than 15 days playing around and wrecking havoc to the those EW practitioners who strive to keep trying counting each and every move it made during that time period:

-   img40.imagefra.me/i53f/aarc/141u_080_ubk...

Spx is still far from getting out of the woods.  A sudden breakdown will again make the 1-2-3-4-5 run down scenario much more highly probable than it was before the re-entry into the Potential Bull Flag Territory.

This is still considered a process in the making but is able to provide the first opportunity for the Bull Flag Afficionados to enter at the earliest possible time with some degree of confidence and the least possible risk against the potential rewards.

SnP500 will have a Minimum, Nominal, and Maximum Targets of 1366, 1396, and 1432 respectively IF this pattern works right off the bat using the Alternative Short-Term Scenario posted 14 trading days ago:

-   img40.imagefra.me/i52m/aarc/141u_4bf_ubk...

A series of corrective processes with lower lows and consuming more than 22 days from the 1344 start count for the 4th wave will probably make this wavecount moot and academic and the Medium-Term Correction Scenario(s) will start to have some credibility.

Again, good luck in trend trading but always use hard stops and/or trailing stops since the 1-2-3-4-5 meltdown scenario on the 120min chart is still valid at this moment unless and until Spx confirms that the A-B-C wavecount is the correct one as stated in the Notes section of the chart.