There are at least 5 waves down on the Wilshire 5000 and S&P500. The pullback since the 1414 SPX high is probably too deep to be considered part of a 5 wave move structure from the 1340 SPX pivot low.
So we have a 5 wave count up from 1340 to 1414 SPX. Question is, does that imply 1414 SPX is the top of P[2]? For now we can assume so unless something else emerges (such as a higher high above 1414 SPX).
Best count might be for a wave (ii) to cover some gaps down.
There is a nice 5 wave pattern from the late November low.
GDOW.
Transports really took a dump. They have not confirmed their early February closing high although they did make a higher intraday.
The implications of this chart are self evident.
