After completing a wave b from
2056.32 Monday at 2059.66, the SPX rallied into the close to 2071.12. A
pullback from that high was not unexpected, but the decline soon dropped below the
level of wave b to 2044.02. From there the index staged a rally, topping out at
2083.73 shortly before the close.
Looking at the wave structure from
last Tuesday’s 2056.32 low gives us 2056.32-2074.28-2059.66-2071.12-2044.02-2083.73.
The points (2056.32, 2074.28), (2059.66, 2071.12), (2044.02, 2083.73) yields an
R^2 value of .9985. This would appear to complete the corrective wave from that
low, below the 2106 target level.
This should mean that the decline
should resume from this point, with a target near 1995.
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