By the close today, yesterday's squiggle tracking (updated intraday today) is getting mature (Chart 1). It's now possible to count the rebound as an impulse wave, which suggests the initial leg of an upswing (Chart 2 green) or final leg of an expanded flat (Chart 2 red). The blue count in Chart 1 and Chart 2 tracks ABC-rebound where A is a three.
Regarding the large structure, note that SPX is once again back at 50% retrace territory (Chart 2). Keep an eye on potential overhead resistance as indicated by the blue line on the weekly chart (Chart 3). Also note the upper BB band on the monthly chart currently is at 3277.53, somewhere in the middle of the unfilled gap.
[Intraday Upate - 1pm EST]
Follow up to the green impulse wave tracking yesterday - now potential thrust out of a small-degree triangle to complete a potential impulse wave (Green).
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