It is more likely I have to apply an alternative count, Wave 1 (= wave (5)) is already in and we are seeing Wave 2 which can be anywhere between 1336.50 and 1343.00.
Please visit my "SPX medium term" tab in this blog.
SPX daily indicators
We have 3 among 4 indicators are bearish crossover. One more down day would confirm MACD bearish crossover.
SPX 30min
I expect the wave (C) of this summer correction will be divided by 5 waves.
Seems that we are in the final stage of wave (4) inside the impulsive wave 1 down. Wave (4) has been confined by a ascending broadening wedge, which is bearish.
I expect price will fall soon today to unfold wave (5). Maximum bulls could do is to revisit the yesterday high at 1324.24 or 1326.20 (38.2% retracement of wave (A)).
The minimum target of wave (5) will be 1307.23, however it could be anywhere from 1307.23 to 1296.72.
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