Blue Count Or Something More Sinister

With the downside follow through today, the market seems to be on course with the 2160-2170SPX support region.  At 2170SPX, we have a perfect a-b-c flat pattern   If we should see impulsive structures begin off that level, then I am going to be on strong watch for the blue count, especially if we take our resistance from that region. 

It takes a break down below 2160SPX, with follow through below 2147SPX to put me into the green camp in a strong way.  But, for now, I am going to be watching quite intently how the market reacts from the 2160-2170SPX support region.

1turnchart
1turnchart
Avi Gilburt is founder of ElliottWaveTrader.net.