On my 60 min chart below, I have that marked off as wave (1). I have cleaned up some of the other counts and will treat these first five waves as wave 'a' for the bearish alternate.
The bullish alternate is that wave 1 of 5 completed. Wave 2 of 5 is underway. This option is ruled out with the break of 2727.10; the wave 2 overlap into 1 violation.
Today's decline so far looks like five waves may be counted. So from the top of this wave structure we'll go with wave a of (2).
Targets for wave (2) is a wide range based off past support and Fib retracement levels. I'm keeping an eye on the 2600-2800 range. I'll have a better idea for projections once wave a of (2) and wave b of (2) complete.
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| SPX - 60 Min |
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| SPX - Daily |
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| DJI - 15 Min |
