Although the lowest probability count I posted last night is looking OK at the moment, there's no room for complacency.
Taking out yesterday's low did negate the (1)-(2) count for wave [C] of a second zig zag (the second bearish count I posted), but it may just mean that wave [B] is still in progress.
SPX 1 min - Double zig zag still in progress?:
I would have more confidence in the more bearish count, that the corrective rally is over, if we can get below those support areas I've highlighted and fail to recapture them on any bounce. Otherwise, the risk of further upside remains.
