SPX Update: Three Waves Down -- So Far

Last update noted that the all-time high might offer some degree of resistance (it usually does), and the market has moved sideways-down since then.  So far, we have what appears to be a three-wave decline from 3150:

Bigger picture, bulls do need to sustain a breakout over prior resistance (the all time high) to help validate the bounce at the red support line (which would thus show that support has more clout than resistance does right now):

In conclusion, the decline from 3150 is -- so far -- corrective, so bears will need another low to suggest more than a very short term stall.  The market has completed the minimum for a corrective decline, if that's what this is/was, so we'll see if that's all it wanted here.  Trade safe.