S&P undergoes a deeper than expected correction as wave 4. This is our favorite scenario. The decline looks now more as a 3 wave correction even at the 1 hour chart. S&P has found support at the lower keltner channel and needs to break above 1465 (intermediate high) in order to accelerate towards higher highs and confirm that the decline was corrective. The only setback in my wave count in my opinion is that wave ((iv)) is much larger in time than wave ((ii)). I will have to rethink alternative wave counts that would suit this upward move from 1396 better.
Concluding we are still bullish and we target 1480-90 as potential end of this uptrend. As mentioned in previous posts, bulls should be very cautious.
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