SP Gut Check

SP's really need to hold the .76 retrace or it sure looks like an overlap of the 1180 low is coming up and that has seriously negative implications.

click to enlarge.

So far the move down is not counting as a clean 5 wave structure. It is still early in it's development, could be we're seeing a series of 1,2,1,2's  so nimble trading ...any new high would likely be minimal given the long term fib. levels  around .618 there.