Instead of the expected zigzag so far we got a flat. But since it didn't even retrace 38 % of wave (i) this was possibly only a part of wave (ii).
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi7ppV-y_uL12JucmC0WOXLQUMiLAuqDLk9f9A03cx6LJ8iAdj3gcROSOWxQvYt1dU5pXksV7-akr_YXMYDc2tBt3b5RpxWzZdpDyV2qVIZsOEUxj5HdeZhgoPdew8ci06TtMrqc6WCFC4/s400/s&p50006282010a.jpg)
The bullish alternative is still possible though. So far, we just got a backtest of the broken downtrend line.
Also the two fractals I posted are both still valid:
=> We should decline below 1040 this week.
And the bullish fractal:
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiV3KMJ8TGJCBIianqcfrVTLeXst0GGkfUkrvH3loVGc2GtMMyRY2NzHNK1KAe7-zr1nvrMYy-kwllWl4PvWSrvGy4_h6WRDvqHdGyvyE659EsXvVnpoxTHPozw5CARpG9EW816TYjIANw/s400/s&p50006212010a.jpg)