S&P 500

The weekly chart of the S&P 500 is below and we closed positive for the week. I take that as a signal that the correction is now complete as whatever had to happen on the daily time frame is done. The vth wave of C that I was anticipating is either truncated on daily charts or an alternate wave count is at work. for the S&P compared to the Russell 2000. The end result is that wave 5 is more ready to start now and since 3<1 a truncated 5th wave can go to 5280 on the US index in the coming year. Wave 4 is 38.2% of wave 3 and wave 2 was 23.6% of wave 1.