SPX- Last Chance Gas

After a relentless month of selling, the SP has hit the .618 retrace of the Summer rally.
This is where it needs to bounce. Fibonacci resistance at 1405 for a correction.

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Note the "Y" wave has now been retraced Fibonacci .382 on the Weekly chart below.


INDU Weekly
click to enlarge
The Dow has already taken out the .618 retrace of the last little 'c' wave up.
It is now at the .382 retrace of the "Y".  If there is to be another iteration of the corrective structure up up toward 14000 this is where it needs to show up. 
Note the last "W" corrected Fib. .382. 
The RSI negative divergence and of course the long term trend line breakdown suggests its's not going to squeeze out another move to new highs but ... 
if it were get a Z wave , it would equal .618 of the Y wave @ 14,277.

Check out the RSI.
C=A down at 5950


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