Is The “Bounce” Completing

With the up-down action we have seen over the last two days, the market seems to have completed its [a] wave, and may even be close to completing its [b] wave as well.

The only reservation that I have is how shallow this [b] wave would be, as we are only approaching the .382 retracement of the [a] wave decline.

I do not have to make the analysis complex at this point, so I am going to keep this update short.  Should we see an impulsive 5-wave decline begin from this resistance box, then we have begin to assume that the [c] wave down has begun. However, if the next drop is clearly corrective, then we have to continue to look higher in the near term.