Quite a surge today. A 90% up day on the NYSE although the NASDAQ did not register a 90% day amazing as that is. The amount of retrace of over 120 SPX points since last Tuesday's lows confirms this is likely Minor wave 2 up with a target north of 1230SPX. Minor wave 2 is supposed to be a sharp 5-3-5 zigzag and sharp is an apt description so far as the market has already retraced over 40% from the early October low.
The squiggle count gets bumped up a notch as a result of the amount of retrace points back up so far. [a] of 2 wave has been quick.
The violent move to the upside again seems to confirm the ending diagonal triangle Minute [v] of Minor 1. The market has cleared the diagonal triangle wedgelines and has cleared a down-sloping line for Minor 1.
Yet amazingly, the market has not even yet quite broken the "lower highs" in the SPX.
So far, Minor wave 2 is all about price and very little time. We'll have to peek in on sentiment measures in the next few days and see how they have reacted.