Friday's SPX chart showed (3) and (4) complete and it appears that was correct, and (5) completed on Friday. I probably should have done more to note to that the completion of (5) could be near and lead to a bounce.
[Edit: Typo -- "decree" should be "degree." It is thus decreed!]
The above targets loosely line up with some of the overhead resistance zones:
BKX still suggests that more downside is ultimately needed:
In conclusion, it does not appear likely that a MEANINGFUL bottom is in place yet -- this is more likely a temporary bounce. It may even reverse sooner than most are expecting. If it does not, then we'll simply have to track that if it gets materially past the noted targets. Trade safe.
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