SPX Daily - Friday, May 6

@ 4 PM

@ 12 Noon

Recounting Minor 5 as an ending diagonal on the SPX.

No wonder it was confusing to count the 1295 to 1370 move. It is hard to distinguish between a-b-c and 1-2-3, solely on the subwave structure. We counted 1-2-3 correctly for Minute 3, and then ran into problems with the expected 4th wave. Now we know why there is no wave 4.

The ending diagonal so far counts as a 5-3-3-3-X structure. I would expect Minute wave 5 to have a 5 or 3 wave structure.

EWP Book defines ED as a 3-3-3-3-3 structure, but says for an LD the jury is out as it has been noticed to be a 5-3-5-3-5 in two cases. 

In this case Minute 1 counts as 5-wave structure. So may be there is not such a strict subwave structure for EDs and LDs. We will see how things pan out.

The Minute 5  may end with a "throw-over".