It was very interesting to see the disconnect between the EUR/USD and the markets, which have moved together in the past.
Today's price action is starting to look like a wedge is forming. Refer to the charts below regarding my thoughts on that.
SPX - 60 MIN BEAR
For this count, the wedge or ending diagonal possibly represents subminuette v of minuette (i). Let's see if the ED plays out. If so, a bounce for minuette (ii) would be expected.
SPX - 60 MIN BULL
The wedge here is an ending diagonal for micro [Y] to complete the pullback for subminuette ii. Once again a break of 1042.17 would rule this count as it is labeled out.
SPX - 60 MIN BULL OPTIONAL
The same situation applies here for this count as it does for the Bull count above.
SPX DAILY MAs
The daily trends are obviously down and bearish.
SPX DAILY BOLLINGER BANDS
Price broke below the middle band and most likely will be heading for the lower band at 1049, which would be a retest of the lows.
