This chart I just posted here http://4.bp.blogspot.com/_TwUS3GyHKsQ/ShXcf1gpGlI/AAAAAAAAAo0/Fumvj3bwlNY/s1600-h/spx301.png
Has some potential powerful relationships if the [b] wave traces back up to 896-900 or so which it seems bound to do.
Blue Wave Y would be about 1.5 times the length of wave W. Wave [c] would equal wave [a] in the zig zag down and Wave Y would end at about the apex (midpoint) of the previous up blue B wave triangle which would be a very logical place for support to kick in if 875 breaks.
So that spot is about 847-851 is the next strong support area in my estimation and indeed it is if you look on the chart. Just thought it was interesting and gave further weight to the potential of this move.
Lots of bears bound to be getting much bolder and confident. Bulls got some scare put back into them today. Bears may pile on heavy at 896 and especially at the gap at 900.47-903.47
Will the bulls squeeeze and close that gap down today? Shorting it at or near the gap seems a very logical short trade. Setting your stop maybe at 908-910 above the 62% retracement point.
But this is P2 and upside surprise has the bears guessing still.
Any retrace above 62% (907) and your looking at the X wave situation I charted in my update tonight