![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMctfVgW0kjP1FKNefGi9O57tJA22C28anQ7MfL6Wm_C9Wp_E4oN3JKQlNq2G-VlKJae2Lzd13eWjvLcF9wx5qPBIlPCN2lXyA_KYl8xMGacj8JslCkxTgGBUnaL1s2oYwMJXdTlgB9O8/s400/spxs20091222b.jpg)
As mentioned in the update right after the open, micro wave [1] topped at 1120. From there the market started its correction. So far, we've seen a 5 point drop labeled as wave (A) followed by a rally in the afternoon labeled as wave (B). Tomorrow I expect wave (C) to unfold and end around the wave (4) low to complete micro wave [2].
After that, the rally should resume and continue to make new highs till the end of the year.