Here's a possible count for the start of wave iii down:
SPX 1 min close up from 1105.10:
I've shown a count for a complete wave (2), but with the retracement only being 38.2% so far, further upside can't be ruled out. Neither can the possibility that we're still in wave 4 of (5) of [C] up, so yet to complete wave ii.
Its interesting that this move down today has stopped at the first Gann based price target assuming a top was made at 1104.58:
SPX 60 min Gann time and price levels:
The time cycle shown on this chart is the same as that shown on the daily chart I posted last night.
Of course, the fact that we stopped at this first Gann level based on a high at 1104.58 doesn't mean that we have topped at that high. For the moment, we just have to stay below 1104.58 for the bear case and get another 5 waves down (taking out 1087.11 to rule out the on-going wave 4 of (5) possibility).
