Looks like the bears are going to respond today. A key level to watch will be the green trend line below on both the bear and bull counts.
This trend line connects the 11/25-12/19 lows and currently would target approx 1352-1354.
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| SPX - 10 Min Bear |
The bears need to break the green trend line below and not look back.
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| SPX - 10 Min Bull |
I've adjusted this count to represent an [a]-[b]-[c] correction to account for the five waves down from wave [b].
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| SPX - 60 Min Channel |
Here's a bigger picture of the trend line.
