Here's what I'm seeing as a possible count on the bearish scenarios at the moment - a wave (1) down from 1098.66, a wave (2) retrace and then a leading diagonal for wave 1 of (3):
SPX 1 min chart:
We retraced nearly 61.8% of wave 1 which perhaps is deep enough for a retrace of a diagonal if we are in the bearish counts. I prefer this to the larger leading diagonal that I posted on Friday night, but of course, the retracement up may not be complete so we'll just have to see what develops now - it may retrace up enough that the larger leading diagonal looks more likely.
I'm watching today's highs and the wave (1) low for signals that a higher retacement up may be playing out.
