So far, we've only retraced about 23.6% of today's decline, so I'm wondering if we still have another down leg to go before we complete 5 waves down from today's high. Here's what I mean on a close up of the bearish count where a shallow retracement would count best as wave 4 of (1) down (see the alternate labelling) rather than as wave (2):
SPX 1 min - bearish count close up:
