Yesterday the Market pushed down to just above the first target for a w.i circle of 1271.25 and bounced. At the time of my previous post I indicated that I would have preferred for the market to reach the lower target as it would set up a better trading opportunity on a retest of the channel line. When that didn't happen I thought that w.(v) of w. i circle was complete as I could count a five wave decline and that w.ii was underway. The minor rally from 1273.75 - 1288.50 was weak and today's decline clearly opens the door to re-evaluate the internal structure of the decline from w.(iv). Given that the two upper targets have been met, look for a possible the test of 1257.
Look for further updates later tonight as well as my long term outlook published on Sunday.
Best of Trading
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