Monthly SPX chart in euphoria wave 5 from 2009 lows. See tag for more detail. Back in March I used this idea to create ideal high 2250-2500 from June 2017 to April 2018. For simplicity's sake just drawing green up portions ie W1, W3 and W5.
Within that monthly W5, we should see weekly chart unfold in 5 waves with some topping pattern at the end. Roughly, something like this. Again, I am not drawing the down W2 or W4 portions.
I used this technique to write: "If all this is correct then we are about to get the last best move of the bull market over the next year or two" on 6/30. So far it seems to be playing out. Check the tag for the post.
Considering this is W3 on a weekly, it should sub-divide and those subdivisions will show on the daily. For the most part, we should err on letting longs run. A total complete ideal pattern played out from the 2/11 low to 6/8 high, then to 6/27 low. Then a new pattern began. Again, see prior posts for details. All this is an intro to what we should see next.
The more bearish view is that we have already seen W1 and W3, then a sideways W4, W5 is next to complete. Then we would see ABC down for the first real pullback since the 6/27 low, which would be the next best buying chance since then.
Or, a perma-bull might think we are just in a sub-division of a W3, and that could be just half-way through. Perhaps. If safe havens continue strong I might think the former.