Confluences

Yesterday I posted the SPX daily chart, showing how the highs into the end of the week pushed upward into the top tine of the 2.0 extension at the same time it appeared to complete wave-b:a:y:2 - see fractal count above.

The chart below is the SPX weekly from the March 2009 low, through Friday's close, showing two trend lines, one in blue from that low of ~667, and one in red from the March 2012 high of ~1416.

Both UTLs run from their respective starting points, and connect to the January 2018 high of ~2873, then extend beyond to last Friday's high of ~3385.

And the daily SPX from 2.14.20 to show a close-up of the topping action:

This is not to say another push upward cannot happen... it's only to observe another reason why this juncture may be a critical IT turning point... those other reasons have been published here already, and include:

The Wave-x:2 fractal was completed as forecast in time and price.

The forecast fulfilled on 1.24.20:

The wave-b high of this expanding wave-a:y:2 also appears to be complete.

The SPX price has never been as high above its 200-DMA in price or percentage.

The SPX/SP00s have been in a rising wedge formation in price and momentum as seen in the SP00s 300-min chart below.

And finally, this rise to the UTL comes at a time when the SPX monthly is again well above its upper Bollinger Band... watching.

So I'm using the term confluences to mean more than just the confluence of the two UTLs on the SPX daily and weekly charts, as a confluence of factors have arrived at this price range and in this time that strongly suggest an IT turn is imminent... watching.