Yesterday, the S&P rose too high to label the current advance as wave e of B. Therefore, the analysis has to be revised. Using Occam's razor -- the truism that the simplest answer is usually the correct answer -- we should consider the current advance to be wave D of 4. If this is the case, we should very soon expect a drop in wave E. This is consistent with the fact that as soon as the VIX closes above its Bollinger bands, that will trigger a broad sell signal. Wave E should then be followed by a thrust for wave 5, and that thrust should go to about 292.00
