Five Waves Down

Sorry I don't have too much time for commentary today. It looks like we got a clear five-waves down for a (C) wave down of the (b) wave we wrote about yesterday. There was a nice divergence at the end of the wave, as well.

Here is the S&P500 Index 5-min Chart.

S&P500 Cash Index - 5 Minutes - Five Waves Down

There are now three waves down in good form and with good alternation. Wave ((2)) was that complicated double-combination. Wave ((4)) was a simple sharp. Now the question becomes does the (b) wave need to be any more complicated or not? If it does, it might revisit the highs, and then revisit the lows again in a more complicated flat wave. If not, we can go up in the (c) wave of minute ((d)) to finish this wave of the triangle.

Have a good evening.
TraderJoe