Short term: A down-trend started today: On the 15min chart, we see wave "a" yesterday (1,698 - 1,691), "b" (1,691 - 1,698) today and then "c" began downwards right after the opening.
The last wave "c" will have 5 waves:
- Wave 1 completed today (1,698 - 1,682)
- Wave 2 is underway (or has completed)
- Wave 3 will unfold tomorrow
- Wave 4 a shallow retraction, and
- Wave 5 targeting 1,640 (which is also the 50 EMA on $SPX daily charts).
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