Yesterday the S&P 500 hit the lower end of the target box early in the day which through me off a little. It looks like the second 'a' in an a-b-c-x-a-b-c pattern was set at that high meaning we are probably somewhere in the middle of the second 'b' today. The 'b' wave low may have been set yesterday but I think it is safer to assume it becomes a bit more complex and spans more than a single day. That means some bounce in at least the morning today that may set up a fade later in the day or early tomorrow to form the end of the second 'b'.

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