Bonds weekly. At the lower wedgeline. Things are getting interesting.
Primary count is Minor 5 up of Intermediate wave (C) of a double primary-sized double zigzag from the 2009 low.
Yesterday we projected that Minute [i] of 5 was about finished and then a pullback Minute [ii] was expected. Today's price action fits nicely into that count. More pullback is expected. Target box is (minimum) the local virgin space for a wave [ii] pullback.
Minor 5 is supposed to finish higher than 1474. So .618 x 1 = about 1485.
But no matter, we are specifically looking for five Minute-sized waves from Minor 4 low of 1425 SPX. The waveform will be the key, not necessarily the price level.
SPX 1425 must be broken to the downside. Simply put, we need a lower low. We cannot rule out this expanded wave (ii) flat.
We still have - after all - a valid rising wedge pattern that may be exhausting. People have tended to dismiss this wedge pattern particularly since prices have maintained for a number of weeks. However the wedge was over 2 years in the making so I really don;t know what is "acceptable" for prices to be hanging about the upper wedgeline. It still "looks" right.