Although the single zig zag count I posted earlier remains valid until we take out yesterday's low at 1010.91, here's what I'm seeing for the decline from today's high which assumes that the double zig zag count I posted earlier is in effect;
SPX 1 min - double zig zag complete at 1032.95:
There are three possible counts here - one puts us at the end of wave [1] down and now in wave [2] up, while the other puts us in either a continuing wave (4) of [1] or in wave 2 of a sub-dividing wave (5) of [1].
The continuing wave (4) count is invalidated if wave (4) ends beyond 1024.57. The sub-dividing wave (5) count is invalidated if we take out the high at 1022.62. The main count that puts us in wave [2] is invalidated if we take out today's high at 1032.95. Those are the levels to watch.
Other counts are possible, but I thought three on one chart would be enough for the moment!
