Update

There are now some more solidified targets for the SPX basing in this correction. One is near 1350, as it would give us equality relative to the first wave down off of 1422. Another is even farther down, in the 1310-1330 range, dependent on how far the Fibonacci relationship of the move off of 1422 wants to play out. A typical move would be around 1.618 of the length of wave A down from 1422 to 1358 if equality does not happen. A 3rd scenario is that we’ve bottomed in the short term, and we’re creating a 4th wave triangle, with an ABC having formed so far, while waiting for D and E to complete. If we hit 1350, the triangle will be ruled out. It is possible the 4th wave has completed but that would be less likely in our opinion than these other choices.