4/30/2017 sp500 wave structure analysis and target projection

There are two arguments about current market's short term direction. I am describing them as following:

• The short term bullish view with wave 5-3-4 finished at 2328.95 (a truncated wave C finish)

• as long as sp500 hold 0.382 fib around 2354, this wave structure is still valid
• also the level 2354 can act as the reverse head and shoulder's right shoulder
• it is not necessary, the price has to hit 0.382 fib before making reversal, it can reverse the course by any fibs: 0.618: 2371, 0.5: 2363
• the upside wave 5-3-5 target is around 2479.71

http://schrts.co/CzgnNs

• The short term bearish view with wave 5-3-4 not finished yet, a flat corrective wave structure
• wave 5-3-4-B finished at 2398.16 
• wave 5-3-4-C is on going, at least back to 2322, if break down, the target can go lower to 2260 area

http://schrts.co/hb2qpF

In summary, I am leaning to the first case that we are in wave 5-3-5 now, any corrective wave within wave 5-3-5 will not break down 0.382 fib. 

Note, my personal opinion is not for investment purpose, but for education and illustration.