With EW - hindsight gives the clearest insight - cos a bull sees a building here having SPX in a wave 4 working on the c-leg. ;)
The correction could also come as a double if we are to see new highs after this correction. BUT if you believe that the bull market is over and 1888.6 was the top - these 5 waves down is plausible.
The many up and down days in the last week of trading gives reason to assume that a 3rd wave down is on its way. First sign of a conformation of this EW-count will come when 1830,4 (last low) is taken out.The second comes with the break of orange . I see 1740 area as the target for this count.
******This count has to be revised if what is shown as wave 2 up - instead is a truncated 5th wave.****
First sign of this is if last high at 1875,4 is taken out.
But as always time will show
Safe trading ladies and gents!
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