Corrective Action - Market Analysis

The action we experienced today in the SPX seems to support that we are in a wave 2 consolidation/pullback.  That being the case, nothing has changed from my expectations over the weekend.  As long as we hold the “support” box, we are poised to see a big break out in the heart of a 3rd wave, which will follow the action seen in the IWM recently. 

And, again, it takes a break down below the “Clinton-exoneration” low to invalidate this pattern.

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