On the count for 5 waves up from the August low at 1039.70, we're probably going to find out today whether or not we topped at 1127.36. It would be nice if we did since there's a good fibonacci relationship between waves a i and iii and waves i and v at the 1127.36 high (in addition, to those relationships shown on the chart, wave v is 0.382 x wave iii):
SPX 1 min - 5 waves up from 1039.70 complete at 1127.36:
However, with yesterday's deep retracement of the initial decline, the risk of further upside remains and can be accommodated in the wave count as shown in the end of day update yesterday. Here are some levels to watch as potential targets if we have more upside to come and levels to watch to the downside which might confirm a top:
SPX 1 min - 5 waves up from 1039.70 still in progress:
