$SPX #micro #wave i down – ii up
S&P 500 cash index has a very clean wave count:
We can see a completed (a) up, (b) down, (c) up structure of a bounce off the October 2022 low. I count that bounce as a corrective wave B up that has to be followed by a strong decline in wave C down targeting mew lower lows.
The wide cyan band is a huge unfilled gap up that starts at 3,859.
Most likely that upper edge of the unfilled gap up would work as a strong support.
Note that its upper edge is nicely aligned with a meaningful 41,4% retracement = 3,850.
This is where this move down in subwave c of wave i down may bottom.
Then we may expect a bounce in wave ii up that can come back and test the lower edge of the unfilled gap down left today = 3,958.