I wanted to send this update out to the entire membership due to the potential that can be seen.
After running some more calculations this morning, especially with the inability of the market to get off the floor just yet, I have to at least point this potential out.
THIS APPLIES ONLY IF WE BREAK 4300SPX: If we break 4300SPX, then there is a potential pattern in place that points us down directly to the 4050-4100SPX region target for the purple (4). But, we would need to break down below 4300SPX in a direct fashion, with follow through below 4280. This would then make 4330SPX resistance for this potential down towards 4100SPX. This would be a 1-2 downside structure for a c-wave, as outlined now in red.
Again, this is only if we break 4300SPX support in a direct manner.