Still Trying To Keep This Simple

For now, it is clear that the market is holding the 5091SPX support we have been outlining of late.  Moreover, we have rallied right back towards the 5180SPX resistance, and backed off again.

So, I do not think there is much more to say.  As long as we remain over 5091SPX, the bulls remain in control.  And, should they take out the 5180SPX resistance region, it will point us to the 5260-5285SPX region to complete the [c] wave of wave iii of this ending diagonal in wave 5. 

I want to add a point I made in this morning's live video. Normally, I would not abide by such a deep wave 2 pullback, such as what was potentially seen into the low on Friday.  However, since the 1.764-2.00 extension of that potential 1-2 overlaps right into the ideal target region for the [c] wave of wave iii, it provides the type of confluence that makes it something that I have to respect.  It is for that reason that I adopted the potential wave 2 count on Friday.  Just wanted to give you a bit of insight into how I make these determinations.