The bearish possibility remains valid with some label adjustments, provided we don't take out 1126.57:
SPX 1 min - bearish count:
Taking out the low at 1119.02 would be an indication that this count has a reasonable chance of playing out. At the moment we only have 3 waves up from today's low, but if its an impulse up it could be doing a series of ones and twos, so taking out that low would exclude that, as things currently stand.
Once again, though, the character of any decline is important - we need something clearly impulsive to the downside if there's any chance that we topped yesterday. Without that, the risk of further upside remains (see the alternative labelling on chart 3 in yesterday's end of day update for the possibility of another leg up to come).
