SP Review

The difficult and capricious swings in the SP since the May 6 102 pt. collapse, are overdue for another look.
click to enlarge and sharpen
Re-exploring the range of that spasmodic selling event was to be expected: the lengthy development of the 2 wave, and it's structure as a running correction, less so.
The B wave is roughly 1.6 of the A, and the C =A (spot mo.)

Note the slight negative divergence on the hourly RSI.
c=.70 of the a on the above C structure. Not significant from a Fibonacci standpoint.
However the wedge configuration, coupled with RSI and C=A on the daily charts at 
1120, raises the downside risk considerably here. Certainly there is no room for a low print under yesterdays lows at 1096.75. In fact, new lows today under 1106.75 would threaten the upside mo hugely. Check out the wedge trend line.


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