Do We Dare Look For More?

With the market pulling back from last week's high, we have struck the top of the support box on our 5-minute SPX chart.  So, the question is if this is all we get, or do we dare look lower into the support box?

Normally, a c-wave provides us with a standard 5-wave Fibonacci Pinball structure.  That also means that wave 1 of the c-wave is usually a standard 5-wave Fibonacci Pinball structure as well.  At this time, I cannot say that I see a standard 5-wave Fibonacci Pinball structure developed off today's low. As of right now, it looks like an overlapping 3-wave structure.  Of course, it may morph into a leading diagonal.  But, again, for now, I cannot even say that is a potential.

This leaves me assuming for now that we can drop lower within our support box.  So, unless I see AT LEAST a leading diagonal off today's low, I am forced to continue looking down for more of this b-wave structure.

So, overall, it still leaves me looking for one more rally before I would even begin to consider a top has been struck.  Of course, should we break down below last week's low before continuing higher, that would change my perspective.  But, for now, I am still looking higher to complete the c-wave, but we may have lower to go before that c-wave rally begins in earnest.