Wednesday Update (1/23/19)

Yesterday's and Today's rebound from the intraday lows in SPX appears to be reaction to the 50-day SMA (Chart 1).  The drop from the rebound high in ES can be counted as a five, Chart 2 shows the mapping into SPX.  If so, the small degree second wave rebound can retest the gray overhead trend line of a potential larger expanding diagonal triangle we have discussed previously (Chart 3).