|SP500 30-Minute Count|
Today's up wave was counted as a double-zigzag wave upward, and the wave stopped short of the fourth wave of one prior degree (.iv). Stopping at this level (the 38% retrace) is a temporary sign of weakness. Next, you might be able to see that - if you drew a trend line up from the low of minute i, to the low of the bar just before the one labeled as minute ii, then that trend line has now been broken lower, as well. This is another sign of weakness.
Further, from the minute ii wave high, we were again able to count another internal five waves down to the afternoon low. This is yet a further sign of weakness. In addition, the regular daily MACD's for the S&P 500 and the Dow Jones Industrial Average have also crossed lower today. Further weakness. And you can note the half-hour slow stochastic, above, has not moved to over-sold, yet, nor has it curled upward either. All of these indicators signal a move back down to at least test the prior low, but, most probably much lower (as in 1.62 x i, subtracted from ii).
That's what we see at the present. Caution, flexibility, and patience are still foremost in mind.