INDU topped one day earlier than SPX (Chart 1). From the nominal high, one can count a completed impulse down (9-waves) with slight truncation. Bearish if the nominal high and the count play out.
From the potential orthodox high in INDU (which is the SPX high), it's a decent completed zigzag. Note that there's a lower low in SPX this afternoon - so no truncation there (Chart 2). A low / the low could be in - unclear if it is A of a larger correction, a small degree 4th wave, or a 2nd wave pullback.
Chart 3 to the right shows the larger count and various near term options to be resolved.
[1130am] SPX update -
[730am] ES update -
