alx13

SPX - market bounces back

FX:SPX500   S&P 500 index of US listed shares
A huge rally followed the impulsive decline I was mentioning. Considering that the market already retraced 90% of the previous move, we have to assume that the impulsive decline was part of a correction and not the start of a bigger down move - count shown in red - a flat with a B wave into the highs and an impulsive decline for a C wave.

Above the previous high (from Monday) and this will be confirmed. As long as we stay below that high, bears have some options, but given the near vertical ramp from the lows, it's hard to see this developing into a 3 waver, without breaching the high, since the 1st wave is so extended.
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