With the move above 1365.74, it would appear the market is forming a semi-inverted corrective wave from 1347.75. We would label 1365.74 as wave 1, 1343.13 as wave 2, 1363.73 as wave 3, and 1354.32 as wave 4. This would project wave 5 to top out at 1368-1369. This would keep the rest of the wave structures intact, and set up a final move to 1325-1331.
This would make 1373.91 the next level to watch on the upside, with a move above that requiring a different interpretation. We still believe this would be some sort of corrective wave, with another move down the most likely scenario.
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