S&P 500 - Wave 1 of black circle wave 3 down is over

With the test of 1,041.04 wave 1 of black circle wave 3 down is over. in the chart above we can spot a nice little inverted shoulder-head-shoulder formation, which will be triggered upon a break above 1,048.56 for a rally back to at least the apex of the triangle at 1,078, but I would expect a rally high towards 1,086 and very likely 1,096, before turning hard down in wave 3 of black circle wave 3.

Remember we should not see a clear break below 1,041 for this count to hold. A clear break below 1,041 would call for a much deeper decline just below 860.