Lets look at a more bearish chart..something a few of doomers might like
SP' daily - bearish outlook
*special note...
The 10MA will cross the 50 day MA tomorrow, that statistical event WILL trigger some automatic sell programs tomorrow morning.
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As in the previous bullish outlook, 1340 and 1300 are key levels.
The point on this chart to note is if we can somehow get down to 1270/50 zone -where the 200day MA also lurks. It would make for a very nice wave'1 (black count)...before a little 2' up...and then a seriously major wave'3 lower in late May/June.
Such a wave'3 would be looking to hit the lower channel of the monthly wedge - currently somewhere around 1150/1200 zone..as you see.....
SP'monthly..simple chart.
More later...after the close.