On Friday the trendline came off as winner when the SPX lost almost 3 % of its value. The SPX is now sitting at the 38 % retracement and will possibly bounce early next week.
I can count a completed first wave down or a completed corrective wave at Friday's low so I expect a bounce on Monday to 1085ish. The downtrendline will also be around that level so what happens there will be crucial.
A break above it and the SPX is likely going to 1130-50 if it fails though the SPX should decline to below 1000 very soon.
I know the 1-2-1-2 count looks very unlikely because wave [ii] retraced 74 % but in late April wave [ii] (of 1) retraced 73 % so it already happened a few weeks ago ; )
Have a nice week!
