Update

UPDATE: I have looked at the DAX - three legs lower each 350 points... I can not see an impulse only triple zigzag.
Are we seeing 2 of an ending diagonal??? I am confused, the weekly chart looks awful the pattern on the daily chart says corrective move.
BTW. the EW targets worked great:) 13-14 points from the bottom so far.


I see this two scenarios... the next bounce will tell us what is going on. Weak one testing the 1950 - the red scenario. Impulse and strength above 1950 the white one.
We have technical damages so even if we see a bottom now, I do not think that we will see a new ATH.

Update

Is the reversal around the corner? See the daily chart from the weekly review - we are now at the trend line and support line with MACD divergence on the hourly chart. The forecast from yesterday is playing out so far. SP500 bounced exactly at the lower support line.
It is simple - the bears should move the price sharply lower through the support zone for wave 3. If they fail we will have a bottom.