Wave [iv] Still In Progress

With all bounces being corrective in nature thus far, the market is keeping pressure to the downside.   This is pointing the IWM to its .382 retracement at the bottom of the support box.  But, it seems to only suggest that the SPX will reach its .236 retracement region in the 4625/30SPX region if we see a relative decline in SPX.

So, I am going to keep this update very simple.  As long as bounces remain corrective, I am looking for a test of our next support in the 4625/30SPX region.  And, that can complete all of a very shallow wave [iv].  We will still need to see a clear 5-wave rally off support to suggest wave [v] of iii has begun.  And, the target for that wave is minimally the 4765SPX region, but more ideally up in the 4800SPX region.

5minSPX
5minSPX
60minSPX
60minSPX
IWM60min
IWM60min
Avi Gilburt is founder of ElliottWaveTrader.net.