The decline from the SPX peak at 2401 has been choppy and looks like a Double Zigzag.
If so it may complete today 3/7/17 in the area of 2357-2362.
If the SPX does bottom in this zone it could be the starting point for a move to new all-time highs.
Daily RSI and Stochastics are not yet oversold, so there is also a fair chance the next rally could fail to make a new high and then head lower.
If a bottom in the target zone, watch to see if the next rally is choppy. This would be a clue for more downside action.
Mark
If so it may complete today 3/7/17 in the area of 2357-2362.
If the SPX does bottom in this zone it could be the starting point for a move to new all-time highs.
Daily RSI and Stochastics are not yet oversold, so there is also a fair chance the next rally could fail to make a new high and then head lower.
If a bottom in the target zone, watch to see if the next rally is choppy. This would be a clue for more downside action.
Mark