At the 360 min chart level, the market has finally reached the vicinity of our target of 1257. The subdivisions count well for an initial five wave decline from w.2 to complete w.i circle.
For the ON session and into tomorrow's trade look up. A print below 1259.5 would invalidate this view. If w.3 is subdividing, then w.ii circle should be a sizable retracement to either the .5 or .618 retracement of w.i circle. The correction should unfold in a zig-zag where w.a should have decent thrust to the upside that should carry to the previous forth and test the underside of the channel line at 1295.5. At a minimum, the pattern should not complete before 6/16/11.
Let's see what develops.
Best of Trading
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