The ending diagonal and the subdividing wave v of (v) have been eliminated, so the other possibilities mentioned in my previous post become the focus, namely, that we topped at 1163.87, or that we're still in wave iv:
SPX 1 min - top in at 1163.87 or still in wave iv?
The wave iv alternative count may be starting to look unlikley given its size in relation to wave ii, but strictly, its not invalidated unless we take out the wave i high at 1135.87.
The further alternative to this decline being wave iv of (v) is that its wave ii of (v), with today's high being wave i of (v) - something to watch out for, in my view. Its not invalidated unless we take out the wave (iv) low at 1131.87.
If we have topped, then we shouldn't have any difficulty taking out the 1131.87 low and that's the next target to watch for confirmation that some sort of top may be in. In the meantime, to the upside, if we're in wave 3 of (3) now, the next rally should be wave 4 and must stay below the wave 1 low at 1156.43.
