I've been busy dissecting the S&P500\DOW and other markets but mainly these.
Based on The Wave Principle I have meticulously pulled apart the theory in every aspect and put it back together to find out exactly where we are today.
We are in a LONG TERM wave 3 that started probably back in the 1300's after the Black Death Plague and the first wave of that ended in the area of the Great Depression (I have my own interpretations of that area too).
The first wave of the major third wave since then has just completed ( IMHO ). Don't get it twisted I don't think I know everything but this is my honest conclusion.
This pullback should fall back to the area of the previous 4th wave of the same degree.
The A-B pattern that defined as a base exists even if Mr Bob Prechter dismisses it as an analysts weakness and the result is the assumption that 5th wave truncations exists. (I'm not saying they do or don't but I am leaning more towards no so far.)