Guest Post: Signs of a Distribution Top? SP500 and intraday Elliott Insights

From our good friend, Corey over at Afraid to Trade:
Taking a close look at the intraday price action of the S&P 500, I think something very interesting is happening.

Let’s take a close look at the recent price action and see if we can glean any insights from the Elliott Wave principle – not so much in pure wave counts but in the broader distinction between a “Corrective Wave” and an “Impulse Wave.”

S&P 500 5-min chart:

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