Should the downtrend continue, the next support level is still within the OEW 1901 pivot range at SPX 1897. This is the actual high of the previous uptrend.
Should the market drop much below this it would suggest the SPX is creating a diagonal triangle Major wave 5.
This does not change the projection of all time new highs to end Major 5, only the wave pattern labeling and the additional short term risk to the downside.
Medium term support is at the 1929 and 1901 pivots, with resistance at the 1956 and 1973 pivots.
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