It is not often that we have seen downside set ups in the market of late. But, we have one at this time. While it relies on an expanded b-wave scenario, I cannot say this is the most reliable of structures we have seen, but it is a reasonable one nonetheless.
As we came into this week, our preference was for the market to provide us with a wave iv pullback back down to at least the 2040SPX region. At this point, I still maintain that expectation. And, if we see a strong follow through to the downside tomorrow, it is likely that wave iv will complete this week, and we can still get that wave v to our upper target box in early to mid-May.