![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjaudgwOgqg6igp9T_zLxQ_JlbloPgZ_zJfjrC0tttyQpR8KZ-InE0xbzV66-yOYBMQbYYTlCfOMEBQPWEMD8kkOkR_tNs0roLz4-gyBl2_r3Bm66MsLvrJw1vWyxuJhoc5n34Bgf1kee4/s400/spxs20092212a.jpg)
Since Friday it has formed a nice impulse to the upside, that I think is in its final stage now. Its subwaves have some nice fibonacci relationships: wave (1) = wave (5) = 0,382*wave (3), so actually a perfect impulse with an extended third wave.
From here I expect us to drop till the end of the day or even tomorrow. Since it's a wave iii the retrace might be only shallow, so a possible target is the wave (4) low.