Before getting to SPX, I think it interesting to point out the form in crude. So far, it looks like a three wave move down from November 22nd bounce high which could be ‘B of (IV)’ and the bounce from the low this morning ‘C of (IV)’. Initial resist at 77.94 for a shallow ‘C’ followed by 80.60 and 82.50 if they go for a deeper ‘C of (IV)’ which would retest the area of the ‘A’ wave.
S&P 500 has stayed on the early morning plan of pushing to a new low for the day. I’m penciling this in as relatively late in the formation of the first impulse down from a possible [b] wave high set last week making this [I] or perhaps i in development.