So after my expression of doubt on the S&P bullish case, the market undergoes about a 30 point rally between yesterday and today. I altered the count to support a continued uptrend, and also moved up the breaking point for the bullish case to 2008. This is the high of wave i, it is also a swing low for wave iv, and so price should not come down to break that level. I know that it won't break any EWP rules at this point if it does since wave v has already made a new high, but you'll notice that price has fallen outside of the channel and should be a wave 3 at multiple degrees. Since price behavior is not consistent with that, I am not going to give the market much leeway to continue under performing.
I remain cautiously bullish the stock market as long as 2008 is not broken.
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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.