SPX Update

Since last update, SPX bounced a bit, but retraced a substantial portion of that yesterday.  Whether this will evolve into a more complex near-term correction is unclear at the moment, so I want to call attention to the potential of a larger pattern.  This isn't a prediction yet, just something to keep in mind if the decline continues:

Of course, before the above pattern can be seriously considered, bears will first need to sustain a breakdown at the red trend line:

Nothing to add to the next chart: 

And finally, big picture, blue 2 and red 2 are both still on the table:

In conclusion, bulls haven't been able to get much going so far, and if this doesn't turn into one of the more complex corrections shown/discussed in the first chart/first paragraph (the first paragraph alludes to a very near-term potential that could run back toward the 4080ish zone before declining again), it pays to remember that once all the hemming and hawing is over, the market is expected to enter a third wave decline.  Trade safe.