Again, there really is not much for me to add to the analysis of the SPX. It seems pretty clear that the last two days were only the a-wave and b-wave within wave [iv], with today’s decline into the pivot being the c-wave. And, until we actually see an impulsive move through 4130SPX, there is still some potential for one more lower low in the c-wave of [iv].
But, overall our support is holding, and as long as it does, I am still expecting another rally in the coming days to complete wave [v] of iii.
And, please continue to remember, as I outlined in the live video today, until we actually complete all 5-waves up (which still needs waves [v] of iii, iv, and v), we cannot be confident that we are ready to rally to our next larger degree target in the 5150-5500SPX region.