"Locally Toppy"

My CABPCR hit .44 twice. It is FAR more reliable as a bottoming indicator but print under ~1.0 and under .50 can be "locally toppy".

While my Primary is the blue LD for circle i of 5 off the April low the CABPCR does argue nicely for the purple triangle, either complete at the 5/3 low and now 5up for (i) of i of 5 or perhaps attempting an alt e.

The interesting thing I see here is that the blue "b" of (iii) of the LD and the purple (ii) have the same 2680-2660 support region. So a nice corrective retrace to there might be worth a few long side adds.

We have plenty of stuff that should be holding nice retraces there in StockWaves!

SPX.XO - CABPCR - May-10 1738 PM (1 hour)
SPX.XO - CABPCR - May-10 1738 PM (1 hour)
Zac Mannes is a senior analyst at ElliottWaveTrader.net and co-host of the site's Stock Waves service, which provides wave alerts and trade set-ups on individual stocks.