wolfah
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SPX (Part 7) Sill in trouble?

TVC:SPX   S&P 500 Index
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SPX -0.08% ( 1h scale) is in the final leg "Minute" - wave y (blue) of the wxy - pattern. I suppose, this final has a triangle-pattern (as almost always). During the last two days, SPX -0.08% is still in the first corrective "Minuette" - wave a (red) and is about to finish "Subminuette" - wave c (grey)! This is also an impulse pattern with 1-2-3-4-5 counts! The rules for a corrective pattern predict, that wave c has either the same extension as wave a or is x1.618 of wave a! That is why there are two possible retracement levels:
Level 1: 2334 next to the red dotted support-line.
Level 2: 2327 right below
Wolf
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