Even though there was an afternoon selloff (to be expected on Friday) the consolidation zone held as the SP500 closed well above 1324.61 (& 1320). My take on this action continues to be that it is wave [ii]. Some are calling it wave [iv] and that's certainly possible, but the current corrective action is three times as long as the previous longest correction since the rally began in March, which makes the 4th wave scenario far less likely.
Williams %R has now moved to a deeply oversold level on the 30 minute chart suggesting that a strong bounce may be seen early next week if not an end to the consolidation. Traders should expect that the consolidation will continue until there is a valid breakout or other technical buy signal on the daily chart.