The Dow and the SPX are retesting their 2022 downward trend lines following their 2023-Q1 breakout.
One may be able to track the current down-swing maybe a wave TWO/B retrace of the up-swing from October lows when reconciling structures in the Dow and the SPX. (Chart 1 and Chart 2).
Chart 3 presents key tracking options.
The resistance zone, so far, is not able to repel price with similar strength as before.
SPX closed below the resistance zone following its forth attempt to overcome it (Chart 1)
It is much easier to count the upswing from the December low as a THREE, with potential to develop into a triple zigzag (not required) on a fifth attempt at the resistance zone (Chart 2), than a FIVE (Chart 3) to continue the charge higher following a consolidating pullback (not improbable).
SPX is stalling inside the prior resistance zone (Chart 1) in its forth attempt to break it.
The recent upswing is likely wave THREE (bullish) or wave C (bearish) - Chart 2 and Chart 3 - in the context of a/the big picture (Chart 4).
