Of course the market left us hanging but this surely is lining up as a wave 4.
One more thing. I'm contemplating changing the degree of this move up. It may only be minuette (i) of minute [iii]. I 'll post a daily chart later to show why I'm thinking this may be the case.
|10:40 AM UPDATE|
In true EW fashion, price is heading for that line. It doesn't have to stop there but it does so every now-and-then.
If it doesn't stop there and it does turn out to be a wave (iv), we'll reverse the process by drawing a new (ii)-(iv) trendline and place a parallel one off (iii) to project for (v).
|SPX - 15 MIN - 8:25 AM|
I made a slight adjustment to wave (iv)'s subwaves. I'm labeling it as a double corrective (w-x-y). The triangular structure was an X wave and drop today is working on wave Y.
Keep n mind, the subwaves for a wave Y consists of an a-b-c structure so look for a 5-3-5 to play out. This can be viewed on the 3-5 min chart.