Is the bounce out of the minor wave 2 low complete? It could be …
S&P 500 Index – 240 Minute Chart
You will see on the 60-min chart below that we have made a 2-legged corrective bounce that made its way into the SLOT resistance from what I think is the minor wave-2 low of last week. That second leg also made it into the 1.272x – 1.618x extension target zone as well. By definition then, price structure rules tell me we are free/ready to head down to the minor wave-3 / major wave-2 support target at 2299.34 (1.272x extension target).
Based on a Wave-2 target of 2299.34, then the final Wave-3 target for me will be at about 2160.
S&P 500 Index – 60 Minute Chart
The above 60-min chart shows more closely the road map for the move into Wave-2 support at 2299.34
Cheers … Leaf_West