With the one additional high as anticipated in my last post, the early December rally now looks very impulsive, making it harder for me to get behind the more bearish interpretation that has the index falling below the Dec-01 low. Still, that remains a possibility. But I'm leaning toward this as a wave 2 pullback of a higher degree wave 5, and not as a continuation of the prior correction. If so, we should expect a reversal somewhere before or within the marked Fibonacci retracement range.
