Can We Finally See Downside Resolution?

With enough waves in place to consider the b-wave triangle as completed, the question now is a matter of whether support will finally break.  As noted over the weekend, and throughout most of the updates, 2039SPX is the support which must be broken to open the door down to the 1995-2008SPX target below. 

But, this market has given us more twists and turns than a winding road on a mountain.  So, if we are able to maintain support, then I will view this bottom as the bottom of a more complete (d) wave in the triangle, with an (e) wave yet to come.  But, my preference still is that we need to look lower, as patterns pointing much higher are quite low probability, at least in my humble opinion.

1turnchart
1turnchart
Avi Gilburt is founder of ElliottWaveTrader.net.