Time For A Pullback?

While we still came up a bit shy of the ideal target for wave [3], the pattern for v of [3] is relatively full.  As I mentioned in the weekend update, we can still see one more push higher early this week to complete it, but the reasonable expectation remains that the larger move is likely going to be down before we continue higher.

So, I am going to keep this simple.  As long as we remain over 5965-80SPX, this may still be counted as a 4^th wave within wave v of [3], and the market may still be attempting to stretch to the 6020-6026SPX region.  However, once we break that support, it would make it much more likely that we are within the wave [4] pullback.

Again, I want to remain you that as long as the next larger pullback is clearly corrective in nature, and we hold over the 5888SPX bottom of the pivot box, I would be looking for a 5-wave rally off that support to suggest that wave [5] of 3 is in progress, with our next higher target being the 6153SPX region.