A seven wave sideways correction places today's low as wave [iv] off the December low (Chart 1). Wave [v] = [i] at 1350.37 and [v]= 0.618 [i] at 1334.05.
However, the squiggle structure off today's low is quite complete (Chart 2). If the proposed small degree 5th wave (wave [v]) does not extend further, the top tick off the Dec low is in sight. Naturally, one shall prepare for truncation (or even absence) or extension as 5th waves (as well as 1st waves) are fickle.
[320pm] SPX Squiggles -
See 130pm entry for the larger count.[130pm] SPX update -
The lower in INDU this AM could mark the end of [iv]-down, which totals 7 sideways waves (blue). The red count counts a yet-to-be-completed expanded flat / triangle. See 2nd chart below.
[1235pm] SPX squiggles post FOMC -
[945am] SPX update -
Possibilities, but keep in mind that failed technical patterns can potentially and forcefully point to the opposite direction. Keep an eye on the HS structure.
[7am] ES update -
Testing trend-line support once again.
