As shared earlier today, SPX has completed wave "iv"
If we are indeed in wave "v" now, it should run through a 1-2-3-4-5 subwave structure (see the red path), potentially pointing to 4500-4600 as the target range (need to be further estimated).
Looking at the subwave structure of the 1 today, while very deep, it does not have a clean structure I would expect out of a wave 1. So, this leaves us two things to watch for tomorrow.
1: If SPX gaps down at open directly, or it has a small boune (whether tonight or tomorrow) but fails to go above 5122, then this is a clear wave "v" down. It could take several days to complete this "v", or it may just get over with it tomorrow:) No one can tell how it will unfold
2: Since the initial drop today is not very clean, there is a small chance that a local bottom was already in at yesterday's low, and it would go through a-b-c to rally back up (see green path). However, there are multiple possiblities for this path, so, to be on the safe side, i would only take this path seriously if SPX can rally above today's high.
The overnight action tonight could provide some earlier signals. Will have to take a look late tonight again
