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S&P 500 Index Daily. Possible Scenario

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FX:SPX500   S&P 500 index of US listed shares
266 0 5

A relative self-similar potential, with around 6% correction, indicated by the rectangular
areas, January of 2014 recurrence, could give a low of around 1885-1900 strong support level ,
hitting the important 2013 uptrend_line(24/6/13), just above the 200 sma .
Currently, the price found support on the 100 sma , as previously, where it may consolidate(resistance 1950 area),
before a possible capitulation ( 61.8% retracement ?), with a possible turning point, around the second week of August.

Breaking the uptrend_line and 200 sma , could expose the 1800 - 1850 level. Market breadth, new 52-weak highs, sectors are weak, MACD and VIX             divergence were already in place.(link)

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