b-Wave Consolidation - Market Analysis for Apr 8th, 2024

There really is not a lot to add at this time.  From the looks of the current action, it would seem the market is simply engaged in an ongoing b-wave consolidation.  

The low today at 5197 is going to be key on the micro-structure.  If we hold it, and break back out over 5220SPX, then it will likely signal that the b-wave is done, and the c-wave of the yellow [a] wave is in progress, and pointing us back towards the recent highs.

Clearly, a break below 5197 would suggest the b-wave will likely take us a bit deeper, pointing down to the 5160-5170SPX region before we begin the c-wave rally.

As far as the bullish perspective I am presenting, it remains quite intact as long as we hold over last week’s low of 5146SPX then I am going to be looking up to the 5300+ region to complete the wave v of 5, as can be seen on the 5-minute SPX chart.  To even consider anything immediately bearish we clearly have to break below 5146SPX, with follow through below 5091SPX.  Until that happens, I think there is some unfinished business to the upside.