Wilshire 60 minute chart channel revised to give the bulls the benefit of the doubt:
SPX daily. If 1356 support breaks, the next support is likely 1292-1300 area. This move is likely to be swift and sudden (downside surprise) if it occurs and would fulfill a wave (iii) count to the downside. Internally, there is still a very good chance this downside head and shoulder target will materialize.
The 1388-1391 breakdown zone needs to be re-captured by the bulls to avoid a head and shoulders follow-through to the downside.