The market was raring to go out of the starting gate today and it looked like, "Here we go again" but something happened: The market hesitated and showed weakness. There was no relentless "ramp and go" buying as the market has seen nearly every day for a few weeks after every pullback. In fact new lows were eventually made and the SPX gap up was closed.
So something seemed different indeed. The bulls blinked. It may be to the point where every dip buyer is now fully exposed and out of dip-buying ammo. Now people are waiting for others to do the lifting. Bullishness is still very high and expectations are high.
But regardless, if this is a wave (ii) retrace in progress, it has yet to hit my blue box minimum target area. Remember, the general rule of wave (ii)'s are that if it can challenge, conquer and then hold the major wave (i) resistance area, it will likely not be a wave (ii) naturally. In this instance the low of subwave i of (i) marks where the heavier resistance will likely conspire to stop a wave (ii). This perfectly matches the 61.8 Fib marker and the blue box minimum target area is solidly below resistance.