$SPX - Market Analysis on Oct 11th, 2018

Updating my SPX chart with the bull/bear options. After yesterday's carnage that sliced through ideal support for wave iv of the ending diagonal 5th wave in blue, I am forced to consider that the September high already completed primary wave 3. The blue ending diagonal has not completely invalidated yet, but it is certainly being pushed to the limit and needs an immediate stick-save to have any chance. Otherwise, if price continues to drop closer to the ~2700 region, we'll have to assume that it is an a-wave down off the high as the start to primary wave 4, that will only be followed by a corrective b-wave bounce.

$SPX - Micro - Oct-11 0721 AM (3 hour)
$SPX - Micro - Oct-11 0721 AM (3 hour)
Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.