S&P 500

The daily momentum in the S&P 500 remains in the buy side and prices are trading above the 20 day average near 3100. I considered 2 days ago the NASDAQ to be in a 5th wave, but the question is whether the 5th wave can extend Orval end your itself. After the last 2 days action is possible that we get a further advance in wave 5. The only thing to keep in mind is 3 was smaller than 1 and therefore 5 may be smaller than 3. A parallel channel still allows upside up to 3450. Then the last 2 days price action might only be minor wave i and ii.