SPX dropped from its April high smartly just as sentiment was cheering a potential new all-time-high (Chart 1). As Chart 1 indicates, we are tracking the current pullback as the gray wave B-down or the initial drop of a much larger blue ABC structure.
While the pullback has overall momentum (Chart 1), its internal wave structure is rather choppy and has wedges at several degrees(Chart 2). Is it done? Maybe (Chart 2 green, red), Maybe not (Chart 2 blue, red-alt).
