E-Wave for the S&P 500 Index

[RCKS]

"....SPX is still above its key levels for now, but has continued to show weakness. Bulls probably need to make a stand fairly soon or risk a broader sell-off........"

http://www.pretzelcharts.com/

Since last update, SPX fell a bit further, reaching and exceeding its potential target:



It also whipsawed the blue line on the daily chart:



In conclusion, SPX is still above its key levels for now, but has continued to show weakness. Bulls probably need to make a stand fairly soon or risk a broader sell-off. One of the more bearish near-term potential outcomes (if SPX sustains trade below its key overlap) would be a trip back to the black horizontal line on the daily chart, currently around 6500. We'll see if bulls can right the ship soon -- or not. Trade safe.