This is a long term look at the S&P 500’s 1 year chart and the breakout past 786 of the entire zigzag and C wave.
Best case scenario: The 786 breakout past 2030 is a very key level and we clearly broke it yesterday after a short zigzag…the big thing is that the bigger zigzag as detailed in the chart has reversed past bigger 786 resistance and we could easily see the top of the B at 2118 break by end of or middle of April. Pretty textbook zigzag and 786 breakout move which is very bullish.
Worst case scenario: We have 5 waves up and correct to the 1960 range after the big run up if this rally doesn’t sustain until the end of the day at the highs.
Where I’m leaning: [ms-protect-content id=”61,117,1559″] Easily this breakout has me excited mostly because I’ve seen this incredibly bullish pattern thousands of times since I’ve been doing elliott wave…2118 and higher is inevitable and staying bias long is important here. [/ms-protect-content]