Primary count is still Minor 4 of (C) of P[2]. Although it got pretty heated today when the market lost trend line support, the selling eased a bit when it got near support.
I have been calling for 1170 area since we painted a Minor 3 at SPX 1225+. We have now approached that area.
Best guess is wave [a] of Minor 4 is playing out and may have one more down move to form a double ZZ [a] wave. EWI generally had a lower Minor 4 target (1155 - 1165). I certainly cannot argue with eventual lower prices here. The main theme though is if this is Minor wave 4 of (C) the price low of Minor 4 should be consistent with a wave four. 1129 certainly cannot be breached as this is where we have Minor wave 1 marked.
On the other hand, wave 4 should keep a certain shallow, somewhat elevated price level compared to the overall structure we are referencing. So 1155 would be on a low end of things if it hits those kinds of retrace prices.
Guessing a missing wave or so.
Remember, wave 4 would have the right "look". And so far, it is shaping up to be that way. A move to 1160 would look pretty good. But then some buying pressure would have to come in and form either a triangle, or a flat.
So we know what to generally look for and now we need to see how the market follows through to fulfill the primary count of Minor 4 of (C).
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