From the weekend video, we said sudden set-backs could be expected at any time. Today resulted in only three waves down.
|SPY - 15 Min - Three Waves Down|
Yesterday, we counted out a potential diagonal lower in real time. Today, that diagonal was confirmed as a leading diagonal. Absent more information we have three waves down from the high, down to a c = 1.618 x a, and then an upward overlap.
As a result more information is still needed. If it's a complete correction it seems very short in time. Three waves could also go on to form a triangle or a diagonal. As a result more waves are needed for the market to show us what it might have in mind.
Have a good evening.