Okay, SPX 1168 is the magic number. A break below that should confirm a new larger down wave count. Will it be an ABC beginning of a 50% retracement that projects to about SPX 940 around Sep? Or, will it be a complete new wave count down to new lows as Charles Nenner suggests along with Prechter?
Who knows.
I'm still standing by my setup that the market via the Q's is in a inverse head and shoulders setup with $42ish being the pullback level and then a monster shot up through $50.50 neck to run into the $70s possibly. Until otherwise proven wrong, I'll stand by that trade. The reason is simply inflation. When you get into these inflationary cycles, EVERYTHING goes up in value, regardless of value.
