The February 2016 low at 1810 is a wave four low off the 2009 low wave five in progress. Within wave five a wave -4- is in progress with a possibility the low is in at 2532 however odds are that was just a wave "a" of wave -4- and a 50% retrace wave "b" toward 2700 or so stalls and a wave "c" of -4- drops toward a 38% retrace of the in progress wave five at 2470 area. The "c" wave may also only drop 62% with 2498 or so for the final wave -4- low. Need more price and time action to determine which pattern is in play. In any event looking for March to May to complete a 72 year type cycle top with 3070 area the high probability top area.