SPX, once again, presents us with a potentially meaningful high (Chart 1).
We track the recent ATH as the end of a three (gray [C], blue and green ) or a five (red ) since the 2016 low.
Expect a meaningful pullback at least 2350 for wave -down or much lower for a wave-two pullback at one larger degree or a reversal.
Expect a substantial rise in actual volatility in SPX if the spike in VIX is sustainable. Otherwise VIX may be overbought near term.
Current dynamic support levels (points for a potential rebound) are 2422, 2343, 2280 and 2215.
A near term bullish alternative interprets this past week's selloff as wave c-down of a (running?) flat wave (iv)* as outlined by the purple count (or ii-down of the red (v)-up, not shown, if (v)-up decides to extend). A decline below the horizontal purple line invalidates this possibility.