SPX500 holds below the lower high carved around 3230

SPX500 has managed to hold 3230 highs carved in June 2020. The larger degree potential wave counts are as follows: The drop between 3400 and 2200 was an impulse, hence Wave (1)(not seen on the hourly chart). The counter trend rally through 3232 was a zigzag, A-B-C, labelled as Wave (2). If the above larger degree counts are correct, we are heading lower below 2200 over a period of time. The lower degree potential wave counts are as follows: The drop between 3230 and 2965 was an impulse again, hence Wave 1, which was followed by a corrective flat towards 3185, Wave 2. If the above lower degree counts are correct, SPX500 is heading towards 2750 as Wave 3 termination point.

Remain short, stop @ 3300, target @ 2750, 2530 and beyond

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