here's a full wave labelling of SPX of the current development and what's coming next.
I made a few tweaks to my earlier view.
1) I think the advance ended mid May. The wave structure of the looks very nice and settled.
2) The initial small decline looks like a , this wave needs to be taken into account in the labelling. It also correlated well with the declines in other markets ( in DAX and CAC).
3) The projected timings of the decline and the wave structure is in line with market trading and intermediate cycles, which project a major low to happen somewhere Nov-Dec, followed by a major bounce (the market will be "saved").
4) The Sept target is more likey 1760 than 1550. Let's not be greedy, 1550 will come a bit later.
5) 1550 may be the target for the decline in Dec . This is a very very major low - we topped there in 2008.
All timings are projected by taking equal durations between the lows. This may work with some deviations.
The depths of corrections are not particularly relevant but appropriate fib retracements have been applied.
Let's be clear - the whole setup is supposed to be purely impulsive, all the way down to below 1000 or even 700. It will take time - the huge financial system takes time reverse, but we will get there.