E-wave update

I dabble in Elliott wave. The reasons: I like the basic framework of the way markets move: initial thrust, reaction, acceptance, doubt, euphoria. The reason I don't make it my specialty is that there is always an alternative count and when the pressure is on with money on the line I want something simple. But compare what I have drawn out very roughly months ahead to how things have unfolded and you will see it has worked out pretty well. 

Here is an E-wave post from about a month ago so I don't have to repeat things too much.

SPX Monthly view - W5 in process from 2/2015 lows. In the chart below, up portions in green and down portions in red. 

SPX Weekly view - what W5 will appear as 5 waves up, ideally speaking.

W1 = 2/2/16 bar low to 4/18 bar high
W2 = 4/18 bar high to 6/27 bar low
W3 = in process from 6/27 low, subdividing
w1/W3 = 6/27 low to 8/15 high
w2/W3 = 8/15 high to 11/7 low
w3/W3 = 11/7 low to in process

Wave 3 subdivision of larger wave 3 'should be' the longest and strongest wave. According to this view, top callers are pre-mature here. Strength begets strength as Wall Street drools over tax cuts, stimulus, and money coming out of bonds. This is what euphoria looks like.

But W5 on the monthly could peter out in an ending diagonal, something like this. 

Regardless of which version plays out, the daily view looks to be in wave 5 with a classic W4 pullback in a zig-zag. (This was the same exact pattern that played out on the monthly chart at the 2015 highs to 2/2016 lows!)