There's a well-formed five-wave advance from today's low to high. Whether it is a bearish terminal wave C or a bullish wave 1 requires further confirmation (Chart 1). From today's high, one can count a double-three decline for a regular five-down in SPX/INDU (Chart 2) but only a double-three in NDX (Chart 3). At the moment, wave structure of the decline appears to favor additional upside potential.
[115pm] SPX squiggles -
tracking counts from today's low.
[1040am] SPX update -
Short term tracking counts. See 2nd chart below.
[7am] ES update -
Bearish triangle (*red) or more bearish 1s2s (red) or bullish expanded flat (green)
