We got our identifiable 5 waves down into [C] to complete b.  Despite being a slightly deeper retracement than expected, it ended right near a Fibonacci-proportioal relationship to [A] at 76.4%.  And virtually right on one of our FibGrid minor levels.  Even though the depth of the correction will give us some pause, our opperating asusmption remains.  As I write this, but after drawing the chart that accompanies these comments, price has turned down again.  Taking out the low where we’ve placed b would again put the count in jeopardy. 

If we continue to move up, we’ll look for a five wave structure that could help us figure out a turning point.  In the early going, we should keep our eyes on 9895, 9915, 9930, 9950, and 9970 (rough numbers).

[click image for larget view]

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