This is my alternate elliot wave count, opposed to my main count, where SPX and DJIA are resuming a bullish triangle and currently heading towards new highs to complete the advance of minor and intermediate waves (v) and (5).
As Elliot rules dictate, although not common, wave 2 can retrace up to 99 % of prior wave 1, creating a double bottom (double top in bearish markets). If wave (2) has already ended at 2860/2864, we will see the sharp decline of wave (3) in 5 subwaves, towards the 2316 zone, which is 1,618 of wave (1).
As Elliot rules dictate, although not common, wave 2 can retrace up to 99 % of prior wave 1, creating a double bottom (double top in bearish markets). If wave (2) has already ended at 2860/2864, we will see the sharp decline of wave (3) in 5 subwaves, towards the 2316 zone, which is 1,618 of wave (1).