Q&A - Is the Market Now in [V]?

Quote from ScalperJoe:
Yes, the 5-wave pattern on SPY (or SPX) is well defined.  1,357 (Wave "A" low of the bigger Wave 4) was breached, however the March low of 1,340 was not. So the question is this: If the "A-B-C" of 4 is now complete, is the market now in [V]? If so, then one can view the sharp intraday rally from the bottom as "A" which should create a pullback buying opportunity in "B".

ScalperJoe - Good observation!  To answer your question, I woud like to bring up the two scenarios that we might have:
1. If the big wave-[B] was completed on 11/25/2011, then we could have a wave-V to test last month's high.
2. If the big wave-[B] was completed on 12/19/201, then we are in a down trend now.  Any up move will be corrective wave.

Actually, we can borrow Wide Tailz's chart (so that I don't need to draw a new one).
Wide Tailz's (2) will be my wave-[B] in the scenario #1

The following one is the scenario #2