I was looking over the S&P 500 after we saw a breakdown in early trading, as my "double zig-zag" should have produced a new rally higher, but as it didn't something else has to to be in marking. If the top at 1,210.99 was the ending point of wave 2 or B then the mess yesterday could have been a Leading Diagonal (see the chart). That would explain the very impulsive decline in early trading and call for even more down side in wave 3 or C.
A clear break below 1,181.40 will add to the bearish case and call for a decline to 1,175 or even 1,167.
A clear break below 1,181.40 will add to the bearish case and call for a decline to 1,175 or even 1,167.
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