S&P 500 - More downside to come

I still look for more downside finishing wave 3,4 and 5 ending the first wave of one lager degree.

Remember we are looking at a very small degree here (5 minutes). When this first 5 wave decline is done, we are only looking at wave 1 of one higher degree. Wave 1 should be followed by a 3 wave rally which ideally retrace 61.8% of wave 1. Close to the Wave 2 peak will be the absolutly best time to short this marke, as the stop-loss can be placed just above the peak of wave [B] at 1,219.80.

We will have to wait a see how wave 2 plays out.