When we provide Elliott Wave analysis, we have to apply the standards which we see the great majority of the time in the market. But, it also means that sometimes the market does not adhere to those standards.
Right now, the expectation is that the market still needs to drop lower to complete wave iv. Clearly, the market can choose to head straight up to the higher target box. But, the standards which govern our analysis provide that wave iv just does not yet seem complete.
But, I do want to add that the longer this consolidation takes in this region, the harder it will be for the market to break the 2060SPX region for wave iv. So, I would like to see the market begin down tomorrow, so we can attain at least the 2040SPX region.