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Bull Trap, Crash Coming

The daily chart certainly does have the potential for a 3 step A-B-C run to fill the gap near S&P500 1685, though this intra-day view of the S&P500 over the past 10 day says not so fast.

Five waves down into #1, clear three step retracement into #2, labeled, A-B-C, with the final rally into the C position run on five waves, as it should, per the rules of Elliott Wave.

That view says we tank right here...

Resistance of 50 day moving average is 1660. Four day rally above 1660 that then fails would put us EXACTLY in the 1987 crash position. So either way, bulls look toast, with the prime question which of Elliott Wave 2s is the final bull trap, 1660 or 1685? Note price-wise there is not much difference between the two, and time-wise we're only talking a week.

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Kevin

Disclosure: I am long PSQ.