Modified Count to Reflect Recent Decline

In truth, the levels we're seeing this morning when the SPX cash market opens, I was not anticipating seeing till the 3rd quarter of this year. Mid last week, we had positive MACD divergences on the intraday charts and was setting up to be almost a textbook bottom.

Nonetheless, the SPX cash market will not hold the must hold zone when it opens this morning. This means we will get a retracement higher in a minor wave B that should last some time. This will represent one the final opportunities traders will have to relieve themselves of excess portfolio leverage and risk.

We very well may spend the summer months retracing higher...but there is no doubt some of you reading this will assume this will result in the resumption of the previous bull market.

It will not be.