Today's price action appears to have progressed our wave 2 (I decided to move it up one degree of trend), so that our wave b of 2 is either over or nearly so, and c of 2 is either already on or about to be. Should we go to new lows from here, then I would change the labeling to be a 5th wave extention as there is nothing in the indicators to show that we have reached an appropriate wave 2 high. My best target for a wave 2 high will be in the 1200/1205 area as there is quite a bit of resistance in that area.
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