There are various ways to count the move down from today's high as you can see from this close up:
SPX 1 min very close up:
I've shown a very bearish possibility as the main count - we're currently in a sub-dividing wave (3) of [3] down. On the labelling shown, we're in wave 2 of (3). That would be eliminated if we take out the high at 1076.67.
Alternatively, I may have the degrees wrong and we have yet to complete wave (1) of [3] down - we'd currently be in wave 4 of (1) - taking out the wave 1 of (1) low at 1074.33 would eliminate this count.
Another alternative - the low at 1069.63 may be 5 waves down from today's high (with a slight truncation) for wave (1) or wave A of (B). If its wave (1) down, we can't take out today's high.
The more near-term bullish possibility is that today's high was only wave (A) of [2] and we completed wave (B), at today's low so we're now in wave (C), possibly to that 61.8% retracement level mentioned earlier.
The more near-term bullish possibility is that today's high was only wave (A) of [2] and we completed wave (B), at today's low so we're now in wave (C), possibly to that 61.8% retracement level mentioned earlier.
