Normally a corrective retracement would come back and test the last high, but in this scenario I don't believe that will happen. In the bigger picture on this chart "Wave 1" appears to be a Leading diagonal (Really sloppy) "Wave 2" is a long drawn out complex correction ending in a Triangle. Now we are in the minor "Wave 2". This should be a good battle between the Bulls and the Bears. If the Bulls are successful the next move up would be "Wave 3 of Wave 3" . If Price falls below 1231.80 all this analysis is incorrect.