With the market pulling back quite deeply today, it is rather clear that this is likely a b-wave, as per our 60 minute chart. In fact, I believe we will be stuck in this region between 2110-2180SPX for the remainder of the week as this b-wave takes further shape.
You see, the job of the b-wave is to sucker in the bulls near the highs, and then sucker in the bears near its lows. It will shake both sides of the market as it moves back and forth between its support and resistance. But, ultimately, I believe it will resolve lower later this month, as also noted on the chart.
While I am going to maintain an open mind about this region, until I see a clear 5 wave structure through the 2180SPX region I will be viewing the whipsaw that I expect to continue the rest of the week as a b-wave in wave ii.