Therefore the strong internals might damage the bearish case of Minute [iv] of Minor 1 if we get even more robust upside. The market will need to reverse sooner rather than later or it just won't "look right" as a wave [iv]. The way the futures move overnight we'll see how it plays out.
Of course Minute [iv] can go all the way to 1250 SPX as long as it does not breach 1258 - the wave [i] low. But would that make sense? No if that happened, I'd have a hard time marking it a wave [iv].
I have an upper price range of 1215 - 1220ish SPX before it starts looking "stupid" as a wave [iv]. This is next resistance and a squeeze of 1200 shorts would do the trick.
When the market was falling severely in the recent downturn, many wavers on this board and including myself entertained a P truncated count. It made sense as the resulting fall-off and price weakness was severe.
If it is a P truncated count, then we simply have made a Minor 1 wave low at 1100 SPX. This of course means that the market is in Minor 2 up and is free to retrace as much as it wants as long as its not 100%.
This count implies the market is likely working on only Minute [a] of Minor 2 up. Today's robust internals and apparent follow-through day forces us to strongly consider this count. We won't make it the primary count just yet though. We'll give Minute [iv] a little more leeway - but not much more....