Yesterday the S&P got above 1841.71 and effectively turned the latest decline into a 3-wave structure. While it is possible that another develops, effectively creating an a-b-c-x-a-b-c pattern, I doubt it. It feels as though the market wants to wedge higher and get on with it. If so, I still see 1887 as the target.
If a double a-b-c developed, 1824.58 could break, but 1809.22 would need to hold if the market wanted to keep the wedge structure alive. Should the market backfill or create a larger pattern against 1737.92, even higher targets could prevail, but I'd rather focus on the price action here and now.
The point is that the structure that has unfolded from the recent high is most likely corrective. But with all the weird behavior currently (a $19 billion acquisition immediately being rationalized by a fawning analyst community), nothing would surprise me.
Such as this latest example, How Good Would You Look in a $100,000 Suit?
My answer: pretty stupid.