1743.4 Initial Downside Target for S&P 500

FX:SPX500   S&P 500 Index
126 7 2
1743.4 Initial Downside Target.

This will not represent the bottom, by any stretch of the imagination.
If the pattern occurring thus far still holds, we should expect a reversal right about here, heading down toward the 1700s.
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This should next take it down to 1942.5 or lower before another rebound rally
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Slight correction to the right side:
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So, I still maintain my original theory that 2137.1 was the peak (triangle's wave A) of a B wave which is ending as a bearish triangle. However, recent in-depth study of the wave structure so far now inclines me to believe that this B triangle has a good deal further to go before being complete and THE major wave C thrust downward begins.

Notice the yellow triangle labeled . I previously thought this was the end of the greater wave B triangle. However, after analyzing the thrust down to 1810 which resulted from it, based on the thrust's length it is fairly obvious that its origin was the low of 1870.5 where a thrust measurement from the yellow triangle as labeled here nearly exactly matches it.

The yellow triangle must therefore itself be a smaller (B) wave, in order to be a triangle. I surmise then that its origin of 1870.5 is a "false" triangle origin (labeled o1), whereas the "true" origin is behind it and lower at 1833.5 (o2), which therefore must be the end of wave (A). A triangle which is preceded by two conceivable origin points will generate two thrusts in succession, with an intervening corrective recoil. The first thrust was to near 1810.

Measurements taken from between the two given origin points before the triangle, when applied to the price action after the triangle thrust reveal, fairly accurately, how the recoil waves form after the first thrust, both in terms of the up-down sequence and highs and lows relative to the level where down-thrust began (orthodox end of wave ) and the bottom of the first thrust. The white, cyan, and magenta measurement lines are taken from right to left and top to bottom on the left side of the triangle and conversely from left to right on the right side of the triangle after the initial thrust. Nearly a mirror image.

If you follow me on this, you can see that the magenta measurement has nearly been achieved by price, and a wave down is now to be expected. That should be the second "true" thrust from the yellow triangle measured at point "o2" the actual end of wave (A). It should end in the low 1740 area.

That would be the end of the ABC sequence constituting a wave B (blue) which I expect (based on what I see right now) would be followed by a substantial rally in C (blue) perhaps at least back to the present level or even higher, then down in D and finally up in E (blue) but all occurring in contracting parameters limited to being between the low of B (blue) and the high of A (blue).
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