Today's low in SPX is likely the blue & pink B, black [b] or gray C (Chart 1, or perhaps one more retest Chart 4), barring extension selloff. The red (C) and the green C(C) will track a continued selloff, which is likely to fill the gap at 2099. For now, an upswing is in progress.
Price action at a larger degree is revealing (Chart 2). SPX retested the lower blue line support today. The current rebound is likely to challenge the overhead resistance at the green line, and potentially more (gap, red line and the upper blue line). Furthermore, the decline from the 2179.99 counts well as a zigzag so far (Chart 3).
You are here. SPX breaking below recent series of lows this morning removes a number of near term scenarios and clears up the picture somewhat. See chart for scenarios that are currently tracking. See chart.
[10am] SPX update -
You are here. Scenario tracking. SPX filled yesterday's up-gap but opens a down-gap.The red (C)-down and blue [b]-up tracking the current move. See chart and weekend commentary.
