BEARISH RISING WEDGE(S)
I am bearish on the market long term even if 1422 SPX is breached to the upside. First, we have a count of Minor 2 that sports a bearish rising wedge on lower volume.
Second, even if the market makes it above 1422 SPX for a new Primary [2] high, the market would actually be fulfilling an even larger rising bearish wedge.
In either case both patterns at the smaller Minor degree or at the larger Primary degree suggest dramatic price collapse is coming after the completion of the pattern.
If Minor 2 stays intact, the price collapse should take the S&P initially towards and then below 1300 SPX.
If the S&P manages a first higher high above 1422 SPX to create a new Primary wave [2] high, then a price collapse of epic proportions is possible. In this case, a price collapse of the markets would take the S&P back toward 1000 SPX.
Should a new primary 2 take place, we could label it as such for simplicity's sake:
Or if you prefer, a triple zigzag with each zigzag getting progressively smaller and weaker:
CONCLUSION:
No matter the short term gyrations, things look awfully beaish. If MINOR 2 tops prior to 1422 SPX, it may result in a price collapse due to the apparent pattern of a rising wedge.
If a NEW primary [2] high occurs, and even bigger price collapse is possible due to an even larger potential rising bearish wedge.
There are a lot of non-confirmations occurring between many indexes on low volume.
