A first break of the gray EDT line (Chart 1) on a five wave decline (Chart 2). Trend reversal (with respect to June low or Feb low) or the flat (ii) flat? We'll likely know by the end of the week. As discussed in recent days, a drop below 2147.58 invalidates the blue (ii) and targets the MA50 (around 2140)
[225pm] SPX update -
A five-wave decline from yesterday's high (Chart 1). Chart 2 presents bull and bear options.
[1012am] SPX update -
No follow-through on yesterday's mini-breakout. Now retracing to fill the gap and probe for potential support around the breakout area. See chart.