[Update 1:45PM: Here is the squiggle count and top alternate. They both imply the same thing, just the targets would differ for each.]
[Update 1:35 PM: If this count below is correct, there are 2 ways of looking at things: 1) An expanded wave (ii) flat with a target around the gap down area at 1090. 2) An ending diagoanl wave v in which prices will rebound and trace beyond the starting point of the ED which is 1099. In that case we see above 1100 again and my blue virgin box area is the target range.
Based on the 1 minute charts below, I slightly favor around 1086-1090 and the gap area. In that case we should see a 5 wave move up to there in a c wave.
Now lets see what happens.]
[Update 11:15PM: Still double positive divergence at the 30 minute level. Some possible wedging going on. Also up volume ratio and advancers are still very decent today despite falling prices. So there is some up pressure going on at the moment to counter the down pressure.]
[Update 10:45PM: An expanding triangle.]
[Update 10AM: You can feel the tug of war going on. Here is the updated top count squiggle http://3.bp.blogspot.com/_TwUS3GyHKsQ/TCPqy3UychI/AAAAAAAAGCU/8JucjA72UTc/s1600/spx1.png I'm looking at:
Waves are getting compressed and some buying interest overnight. Challenging the upper channel line