The downtrend line hits around 5403/05 today and it looks like we could hit that about mid session today to complete [b]. Monday has support near 5039/40 SPX and we could see a panic [c] of B wave like last Monday.
This should launch a strong C of [A] of {Y} wave up to the 5700/5800 level by Apr 21. [B] is due on April 24 and could end up being a running correction with [C] due on May 1-2 to at least the 6375 level I think based on the 1.618 FIB projection and the expected move back inside the narrowing rising wedge.
The PPI showed a marked decline of of 0.4% MoM for March.
Carboni's OMNI is telling us to sell the rallies today. The futures are down slightly near the open (-18) so keep that in mind too that the [b] wave low could form today, although I would view that as improbable, stranger things have happened.
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