So here we are, not much has really changed since the beginning of last cycle. What has clarified a bit is where we are relative to the prior high. Our perception thus far is that weâ€™re in an intermediate degree 4th wave, relative to the bottom of 1074 on the SPX. It is still possible that this wave bottomed at 1357, but is not as probable as another low in store. That low could be in the 1350s or down near 1310 or (less likely) even lower. As is our way, we will likely wait a day or two before acting, but could act sooner depending on how we open (if we have a gap up or down). Stay tuned.