In a three-wave decline so far, SPX retraced about fib-618 of the advance off last week's low (Chart 1). Chart 2 updates the top tracking counts off the Nov low - final leg of the Hope Rally in our base case scenario.
[1130am] SPX update -
Fib-382 retrace off last week's low in SPX. Chart 1 and Chart 2 show squiggle counts.
[9am] ES update -
