Sp500 stopped falling down. Let's look at the chart (daily) to see actual situation:
Last drops I labeled as 3rd wave, rises of index value is 4th wave. After finishing 4th wave we sholud look forward to see 5th wave with the new bottom.
However there could be no 5th wave, so whole move will end in 3 waves structure. This occurence can be seen on intraday chart (H4):
The 4th consists of waves a, b and c. When wave c will be done next low will tell us if there is wave 5 or not. If new low will end before previous low the correction is over and sp500 is in new rally.
We should look forward to see 5th wave with the new bottom.
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