From our perspective, the market completed an inverted corrective wave from 1363, and then a 5 wave sequence from 1365.74, which terminated at 1343.13. This, in our opinion is wave 1 of a 5 wave sequence from 1365.74, which will eventually carry us down to SPX 1325. We would expect a bounce off, 1343, then a drop to 1331, and after one more bounce, a final drop to 1325. This would complete a 5 wave sequence from 1415, and wave 3 from 1422. We would expect a more significant rally at that point.
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