SP 500 Update

 The SP500 has very probably completed 5 subwaves down from the May 1 high of 1415.
The big question: is it a c wave in a corrective move down (buying opp) or the first impulse sub wave, -1-  of a 3rd wave of larger degree ( beginning of the end).

Daily

click to enlarge
There is a lot of support just under yesterdays lows, not least of all the .382 retrace of the previous big move up. Additionally there is near equivalency in the a and c waves as well as support from what might be a 4th of lesser degree. If you are a buyer this is where you step in.
On the other hand the arguments for a long term top at 1422 are strong, see last SP 500 post, SP500 Alert  from April 16\.
If the bounce is contained by 1380 area and SP subsequently puts in new lows we will know the answer.

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