There really is not much for me to add to yesterday’s update, and the analysis I have been providing of late. So, I will simply reiterate certain points that are important at this time.
Currently, support is at 4468SPX, followed by 4400SPX. Below that, we have the ideal target for wave 4 in the 4240-70SPX region. And, we have a major floor in the market between 4100-4165SPX.
Our next micro resistance region is 4550-55SPX, with 4600-4630SPX above that. As long a we remain below those resistances, I still very much expect a wave 4 pullback towards the ideal target in the 4240-70SPX region. It would take a break out through 4630SPX to take the more bullish alternative in yellow more seriously. In fact, Luke Miller’s Bayesian analysis places that yellow count at a 32% probability at this time.
So, again, I think the higher probability expectation is to see a pullback towards the 4240-70SPX region in the coming weeks, once the market finally strikes a top in wave 3. For now, it looks like it wants to extend towards the 1.236 extension of waves  in the 4600SPX region.
Lastly, consider that when we came into 2021 and the market was at 3750SPX, I outlined my expectation to see at least a 20% rally in 2021, with a minimum high target of 4600SPX. We have now slightly exceed that 20% mark, and we are approaching the 4600SPX region. Our next major target is for wave 5 of  in the 4900-5000SPX region, and much depends on how long wave 3 takes to top and how long wave 4 takes us in order to have a general idea as to when we can reach that next major target. For now, I am guestimating that we can get there within the first quarter of 2022.