The chart below shows why downward movement was expected at this time and is occurring in relative perspective to the overall double-zigzag, upward, in U.S. equities.
|S&P500 Cash Index - Daily - Targets|
The 'minimum target is that this likely minuet c wave down of the minute (b) wave, down, overlaps the prior minute (a) wave, which would likely also overlap the prior April high. However, a more likely target is to travel down to the 2,900 level to contact the daily up-sloping trend line, and, perhaps even make a breach of it lower to generate some really bearish opinions before heading higher.
The alternation would be that within minor W, the minute waves formed a zigzag, and within minor Y, the minute waves formed a flat.
Have an excellent start to the weekend.