But long term its a cycle high per EW count:
[Update 6:20PM: I had Netflix in a huge ending diagonal pattern which suggested exhaustion and subsequent price collapse was coming.The aftermath and downside follow-through. Very impulsive to the downside.
[Update 6:04 PM: A closer look at the triangle count. A price breach under 1130 from here violates this count.]
e-minis futures and SPX cash index may have traced a leading diagonal down which implies a possible deep retrace up of 78.6%. This would take prices toward the upper wedgeline I was showing earlier
The market has formed a subtle downward wedgish shape from the 1230 SPX wave [iv] high. Last day of the month/quarter tomorrow.
I wouldn't be surprised to see a challenge to the upper wedgeline tomorrow. A break to the upside of that in the next few days could indicate a triangle option per the daily chart shown further below.
We also have a large converging pattern in development. This would be the triangle option for wave [iv] which, depending on how the next 2 days play out, could become the top contender for a pattern.
Monthly shows 5 straight losses unless tomorrow is simply an amazing up day.
Place your bets.
Could be a leading diagonal down for the last few days which implies a deep retrace up which may challenge the upper downsloping channel line.