This is really exciting! The SPX managed to break below 1130 leaving the channel to the downside. The next important support is around 1090. I suspect that the first wave will end there or a little bit higher.
Yesterday's drop can be counted as wave 1 and today's as wave 3. Wave 3 is a bit short but we're at a support so the third wave may have ended. Tomorrow after some retracement in a wave 4, wave 5 should follow down to 1100 or so which would complete the first wave. The SPX mustn't rally above today's high for this count to stay valid.
