Looks like we finally have our wave c down of y and as I was suspecting 3232 was tagged. Buyers came in formed a hammer so we'll see if wave c of y is complete or near completion.
I eliminated the Alt 2 count and left the Alt 1 (red). The primary count has wave c of y nearing completion with wave (v) of c of y to come. If the market rallies higher tomorrow, wave (iv) cannot cross through wave (i) at 3330.39. Doing so would confirm that wave c of y completed.
If Alt 1 is still playing out, then more selling should be expected since that would imply a wave b bounce followed by a wave c down to complete the alternate wave y.
There is a falling wedge look to this on the daily and hourly so maybe a short term bounce is in store to challenge the 50 day moving average. From there we will have to see the reaction.
 |
| SPX - 5 min |
