Looks like we may have completed minuette wave (i) and (ii) on the SPX, and are in the starting stages of wave (iii).
The move from the past 2 days certainly looks like it could be the start of wave (iii). We seem to have a nice impulse pattern down, followed by a corrective wave up.
The corrective wave up doesn't look complete yet. We seem to have wave [A] and [B] complete. Perhaps we get to 1125 tomorrow to complete wave [c] and subminuette wave ii. After that, we could get a sell off. If we break 1125... 1134 is the next pivot. So anywhere between 1125 and 1134 is a good target for wave ii if it has not ended today.
Bearish alternate is that wave ii is over, and tomorrow we get a decent sell off for wave iii.
The USD made new highs today, but it also formed a bearish engulfing candle.
This could trigger the start of a minor correction for the USD.
As a result, the EURO has a bullish engulfing.
The EURO is also oversold, so it could be healthy for it to have a little bounce before selling off again.
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