aj The spx needs to hold above 1235 which is the .618 fib for the run from 1200 to 1291 on this wave down. I will rejoin the bearish camp if there is overlap of the wave 1 up which topped at 1234.35. <img src=http://stockcharts.com/c-sc/sc?s=$SPX&p=60&b=5&g=0&i=p08304249324&a=102607533&r=6717> <!--Beg_Sig-->