Bull Line Surpassed

SPX has surpassed 1964 this morning and Dow has just done the equivalent, but they are both at risk of completing diagonal triangles if they fail now (Dow of the expanding variety and SPX would need to stop at 1972ish for a 40-35-30pt contraction). I have to say my experience in these situations is that they typically resolve in favor of the 1-2-1-2-3 count rather than the 1-2-3-4-5 diagonal count and the internal waves look like 5s not 3s, but it's a risky place to enter if you're not already positioned bullish. IMHO, it would be better to wait until either SPX takes off further and then backtests the breakout in a mini wave 4 or until it fails by filling today's gap. The next few hours should tell us. There's likely 2+ weeks on the bull side ahead of us if that is the direction confirmed. Good fortune.

P.S. Only half-way through today's session but it's a SPY SOS day so far. As last week's SOS days on Monday and Wednesday show, they don't prevent further upside but they tend to make it choppier and restrained for 2-3 days when it occurs. So, you tend to see them more in consolidation periods like wave 2s/4s/Bs and also at turning points to start downtrends. Of course, the Friday BOW day supports stronger upside but continued SOS days would mute it. I'll update the SOS status after the markets close.