Past The Point Of No Return

The title sounds quite ominous.  But, in effect, if we are going to have a shot at 4300+, then the bottom of the [b] wave has to be counted as being in place, and this rally has to take shape as a 5-wave structure towards the 4065-4096SPX region, as shown more closely on the 5-minute SPX chart.

I am going to make this rather simple.  I have outlined the pivot on the 5-minute SPX chart. We MUST hold over that pivot on all pullbacks over the next day or two, and then head to the wave [iii] target.  I will then move the pivot up, and the market cannot faulter on its way to trying to complete a potential 5-wave structure as shown on the 5-minute chart. 

Anything less than that will likely take the potential of 4300SPX off the chart for me. And, I will again have to consider that the purple b-wave is going to be in place.  But, the question of how we drop lower is yet to be answered.  And, needless to say, a break of this week’s low at this point would likely be a very bearish indication.