Here are my thoughts on the SPX chart since the major lows in 2009.
Wave III = 2.618 wave I Wave V = 0.618 waves I to III
Both these are common fib levels and may mark the end of the cycle since 2009? Note the strong RSI divergence since wave III !
On the 1 day chart SPX has just rebounded up to the lower trendline and a solid rejection and fall below 3207 will be my catalyst to take a short position.