SPX did go on to form a larger impulse down, as suspected. I spent a lot more time than I anticipated on the charts, so we're long on charts and short on text body today. Let's start with intermediate SPX:
COMPQ, as promised:
Near-term SPX for a detailed look:
In conclusion, while a b-wave high is always possible (this would be bulls' lone remaining out, here), there's no clear evidence of one in the charts. Thus, the assumption should probably be that the trend is now down, until proven otherwise.
Note that it's hard to detail this without cluttering the charts, but something that approximates a retest of the high prior to the next down leg is "not impossible" in this scenario. We'll play it by ear if bulls sustain trade out of the crash channel. Trade safe.
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