Well, That Worked, Now What?

This is some guesswork.

We gapped under the trend line, which is ideal. If we stay under it, we may consolidate, then move lower again, forming a 3-wave leg as the Green “1” of a diagonal. I would like to see us go and revisit the orange trend line, and something like this could get us there. (This is a different type of impulse wave than the one hypothesized last night, which will be difficult to do unless we attempt to fill at least part of this gap—that is still a possibility, too).

SPX


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