The Trend is Down

Today's price action on the $SPX hourly chart confirmed that:

(1) wave-2 of "c" did in fact completed yesterday as suggested, and 

(2) an impulsive wave-3 of "c" is in progress. To this end, the recent $SPX floor of 1,635-1,640 was broken during the last hour of trading today.

The target of this wave-3 of "c" is 1,600 on the $SPX, which served as resistance during April.