The present market structure reflects the principle stated in box 4 of the table above. (In the past, I showed this exact table and applied the analysis to the S&P 500, which did subsequently follow the a-b-c structure.) The correction that began from the 1370s on the S&P may be completing its a-wave soon. The image below projects two possible b-c waves. In one projection, the previous high will be reached, followed by a retest of the a-wave low; in the other projecting, the b-wave rally will terminate at a lower high and the market will subsequently make a lower low.
These projections are in line with the analysis of a range bound market that I did in late April. A chart from the post is reproduced below:
Finally, the S&P may have to touch the major trendline shown in the chart below before this corrective period will be resolved to the upside. One issue is that based on whether the chart is in log or arithmetic scale, the positioning of the major trendline relative to price and time alters significantly.
Wonderful post, George. You're doing fantastic work, here.
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