Taking 956 as a peak (time will tell if its P2 peak or not), I can count a pretty decent 5 wave move off the peak. You can see a clear channel that the SPX is still obeying. If the market cannot break out of this channel tomorrow, then the move down is still advancing and I will likely re-label where I currently have wave [v] as a wave [iii] low. If that’s the case, wave [v] target would be around 898 – 900 or just below today’s low.

The ending wedge-looking move should signal the end of a wave [v] though. So that’s another clue that I have the short term labels correct.

So watch how the upper channel on the chart behaves.