Today's rally in the markets made it seem as if yesterday never even happened, retracing almost the entire decline into yesterday's low. This type of whipsaw action is not uncommon during a diagonal structure, which is what we are currently tracking in our bullish count. Given the impulsive nature of today's rally, and what looks like only 3 waves down off the May high into yesterday's low, probabilities favor the start of a c-wave to new highs from here.
Under that assumption, price has likely completed, or is close to completing (needing one more 4th and 5th wave still), wave 1 of c off yesterday's low. This means that we can see a corrective pullback into the end of the week or early next week, setting up a 3rd wave to reach a new all-time high next. Under this scenario, yesterday's low is critical support that cannot be breached in order for the count to remain valid, and ideally we will not see more than a 61.8% retrace of today's rally (which is currently at 2110 SPX if we've already completed wave 1 of c). Those who wish to trade this next potential move up may use a corrective retrace as wave 2 of c to enter, placing a stop below yesterday's low.