So much for the idea of a truncated low. Yesterday the market elected the alternate path and sold down from the Thursday high and went on to make a new low under that of March 25rd. So that means we have a new candidate for 'c of (iv)' at the low yesterday. The alternate to wave (iv) being set is that wave 'v of c of (iv)' extends which I am not a fan of at the moment. First objective today should be to test 2587 to 2595 SPX area. As long as any retrace there is constrained, I think they will eventually grind over, perhaps late in the day today.
You must be logged in as a Daily Analysis or Intraday Analysis subscriber to view the rest of this post.