S&P 500

The S&P 500 is not a wedge or ending pattern because technically that is an Elliott wave structure marked by 3-3-3-3-3 waves inside it. But the S&P is a series of impulse waves. Each rally including the most recent one is 5 waves up and yes we can get a pullback after that 5 waves up. But that is all. In fact what this can be is a leading diagonal with the structure 5-3-5-3-5, given the overlapping nature of these impulsive moves. An ending diagonal would have meant an important stock market top. But a leading diagonal means an important beginning of a larger move higher. All we can get is a near term pullback to the lower support line near 4451