We continue to track the all-time-high in SPX as wave [3], [5] or [C] from its Feb 2016 low. A meaningful high is likely in place. A correction of (at least) the post-election rally is likely in progress. Bullish alternatives at smaller degrees exist (see below).
On the weekly chart, SPX touched the green base channel line as a result of the current sell-off (
Chart 1). A rebound to the gray line is possible/probable, taking into account of the squiggles in
Chart 2.
Current dynamic support levels (points for a potential rebound) are 2423, 2345, 2283 and 2218.
Bullish potentials at the two "smallest" degrees are shown in
Chart 3 (green 4) and
Chart 4 (purple (iv)*).
