[1] The mini-crash low (1867.01) has been holding so far (Chart 1). -> The mini-crash low still represents a potential low.
[2] The market acknowledge the potential importance of the trend line connecting the 2014 pullback lows as SP500 continues to probe the like before it establishes the next direction. -> This is consistent with the green asymmetric triangle wave [4] in Chart 2.
[3] While price actions since the mini-crash low is not convincingly an impulse wave advance, SP500 made higher lows so far as it fought against overhead resistance(Chart 3).
On balance, price actions appear to be more bullish than bearish for the near term. So far, bulls and bears have been making progress at their respective end of the price range, resulting in a range-bound consolidation. Let's see which side of the range price breaks out next.
