I removed the optional counts on the chart because today's price action turned into a flat correction, instead of sharp one, which fits a 4th wave much better then a 2nd wave, that would signify one more wave down to complete the 5th wave. I am going to guess that the level for the 5th to finish up would be in the 1070 range, to try and fill that open gap before reversing into the 2nd wave up. The trend is now confirmed as down because that final low I was waiting for has been breached when the SPX broke below 1088.01. Next level of support on this short-term chart would be down at 1065.25. The SPX did close below the 50 day MA at 1087.67, leaving all the major Moving Averages (20, 50, 200) as resistance now, both daily, and weekly!!!!
The speed of this sell-off has been amazing, wiping out thirteen days of gains, in only three days, this is not bullish at all.
Breadth for the day ended at 1.32:1, which is typical of a 4th wave retrace, and on low volume. This is a period of consolidation as the SPX prepares for it next move down. Days like this bring extreme over-sold conditions back to more normal conditions clearing the way for more movement in the direction of the original trend, that is, down.
9:11, The SPX is caught in a web of short-term bearish Fib fans.