Wave "(w)" is nearly equal to wave "(Y)" a common Fibonacci relation for this structure.
Also the rally stopped at the declining trend-line.
As I previously posted 9/30/16 was the end of the quarter and a both of which sometimes occur at market turns.
There is a daily Fibonacci time cycle due on 10/3/16. If the SPX fails to go above the high made on 9/30/16 then there is a high probability that a very important tertiary top is in place and the door is open for the SPX to have a sharp decline to the 1700 area late October to Early November.
I will have more information about this in future posts.