SPX completed a double zigzag correction originating from the December 22 low terminating at Friday's 3906 high.
That 3906 high marks the completion of W2 to set up the bearish W3 breakdown out of this consolidation period.
Below 3852 will greatly increase confidence that the W2 high will hold to immediately target 3819-3795, initially.
Ultimately, there is a high probability target range for the W3 decline, which includes the 78.6% retracement from the October 13 low and 90-100% extensions of W1. Those are 3622-3604-3570, respectively.
A fourth wave rally will follow after W3 is complete to be followed by a fifth to complete (W1).
That 3906 high marks the completion of W2 to set up the bearish W3 breakdown out of this consolidation period.
Below 3852 will greatly increase confidence that the W2 high will hold to immediately target 3819-3795, initially.
Ultimately, there is a high probability target range for the W3 decline, which includes the 78.6% retracement from the October 13 low and 90-100% extensions of W1. Those are 3622-3604-3570, respectively.
A fourth wave rally will follow after W3 is complete to be followed by a fifth to complete (W1).