The McClellan Oscillator has remained positive during this pullback and thus the Summation Index has continued to post positive gaps. If the McOs does not decline further and then the A-D line posts some +1000 to +1500 days, there would be support in the SI for a 9 wave minute 3 of minor 3 of intermediate 3 of major 5 (Elliot waves). Any further weakness from here would nullify that possibility and confirm Tony Caldero's preferred scenario of an $SPX decline to the 1929 pivot, with my $RUT projection being 1143 (based upon my Mon, June 9 post).
http://stockcharts.com/h-sc/ui?s=$NYA&p=D&yr=3&mn=0&dy=0&id=p83733137120
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