Looks like maybe working on five waves up? Just not sure if the squiggles support that.
Another way to count the squiggles since the 2/24 low. I had a discussion with Prasad from the room on this possibility. Though I still favor the corrective count, this one surely may apply.
1. Market hits 1325-1330 and pulls back. If the next leg down holds above 1294 and then bounces up and takes out 1330, most likely that leg up will target at least 1340, which would bring the flat into play.
2. Market hits 1325-1330 and then trades between 1294- 1330 over the next several days, a triangle may be working out.
3. Market hits 1325-1330 and pulls back taking out 1294, then 1280 is most likely where it is headed.