Yesterday I didn't do a morning update as I had some personal matters to attend. But it looks like everything is still playing out as the bottom from last Friday at 3298 held. Again that should have started the small C wave up inside medium B up, which started at the 9/8 low of 3295 and has already completed the small A up and small B down. This small C up should last into this Friday, possibly next Monday.
Usually C waves subdivide into 5 smaller waves, which I'm labeling as tiny waves in this case. I thought we'd have already pulled back for the tiny wave 2 down by now but it's looking more likely that we are still in the tiny wave 1 up right now. With today being a Fed day the market might pullback before or after the meeting and then tomorrow and Friday I'd look for the move back up to continue for the tiny 3 up, leaving the tiny 4 down and 5 up left to complete the small C wave up inside medium B up.
Again that could happen on Friday or Monday, that's my best guess. We should be up in the 3500's I'd think when this happens, and it should have people thinking the down move is over with and that we are on our way to another new all time high. But there should still be one more drop to take out the 3295 low (ES Futures), which I'm thinking we'll hit the 3250-3270 area (SPX), and that should end the medium C wave down, and large wave 4 down.
From there is one last rally up into mid-October for 3600+ to end it all. So far we are still on track for this to play out, which is exciting to see if it does indeed continue to track this pattern as the drop in November and December is going to be epic. Have a wonderful day.