S&P 500

The S&P is possibly in wave 2 up. There are alternates but somehow with support near the 40 month average this is worth considering. Wave 2 tends to retrace the most so 61.8% or even 78.6% cannot be ruled out till the trend is reversed. That said, if it is wave 2, once proven so ,it would be the right shoulder of a large H&S pattern where the ending diagonal in wave 5 was the head.