SPX and INDU Updates: The Small Correction Materializes; What to Watch Next

Last update concluded with:

"[T]he chances of at least a small correction are, if nothing else, higher than they've been in weeks."

And lo and behold, the market formed a small correction.  So I, again, just want to underscore that even as boring as this market has been for the past few months (and how bland the updates have sometimes been as a result), I am still paying close attention to the market's signals each time I publish an update.  

Now, whether this turns into a bigger correction or not is up to the market, but -- along those lines -- I'll outline a couple things to watch.

Let's start with SPX, which has so far only declined to the bottom of the blue channel.  Bears will need to sustain trade below that channel to get things going:

INDU reached and exceeded its first downside target:

In conclusion, due to the prior overlapping chop zone, there are still multiple ways to count the near-term waves -- so I'm keeping multiple options live in my mental tracking map, and trying to give manageable information without overwhelming readers.  The next key zones to watch have been outlined above, so for now we'll take it one day at a time.  Trade safe.