Upward Correction Still Underway

The current intraday pattern in the stock indexes lends itself to a couple of interpretations. Either this morning's low in the SP500 ended a small degree double zigzag b wave, and now wave c wave up to retest the November 18 high is underway. Or this afternoon's rally is just retracing part of the decline from last Wednesday's high. Either way, the market will be headed lower whether it be from this afternoon's high or a little higher.