On Our Way In The [c] Wave

It seems the market has moved back into its old habit of not providing much of a pullback in the [c] wave rally.  Yet, it seems pretty clear that we are likely in the [c] wave at this time.

Now, when the ES and SPX have different bottoming levels, it causes a bit of an issue in the manner in which we calculate the targets.  This time, the ES struck a lower low relative to the one struck in SPX.  Therefore, the [a]=[c] calculations will be different between the two charts.

So, I am presenting both charts for your perusal, and you can see the difference between them caused by the difference in size of their respective [a] waves.  

For now, I am still maintaining the wave count as presented, with us in the midst of a [c] wave of the b-wave rally.  I have also included a signal level of 5980SPX, which will be raised as the market continues to rally.  Below this signal level we will have to see if the next decline is impulsive or corrective.

Should we see a clear 5-wave impulsive break-down below that signal level, then we will assume it is wave 1 of the c-wave down.  However, if we see a corrective pullback instead, then we will have to switch gears and assume that we are heading to new all-time highs in an extension of the prior wave degree.