Enough For Wave 4?

This is a pretty straight forward update to write.  We have been expecting a smaller degree wave 4 pullback, and today we may have completed it.   The smaller degree structure approached the pivot in the SPX (whereas the ES struck the top of its pivot to the penny), and it also exhibited positive divergence near the lows today.   

So, there is a strong potential that wave 4 may be done.  And, once we get a larger degree 5-wave structure off the low, we can set our sights for wave 5.  But, I must warn you.  There is a strong probability we may come up short of the 7000SPX level.

Again, to reiterate our perspective in simple terms, as long as the market holds the pivot, we are looking for a 5^th wave higher high.  It would take a break of the pivot to open the door to the red alternative.