SPX short-term price action:
I cannot modify my preferred short-term scenario. The EWP from the April 2 peak unquestionably calls for at least one more down leg, which has to be an impulsive wave (C) down.
The internal structure of the current rebound is clearly corrective, adding confidence in the idea that price is unfolding a counter trend wave (B).
What is not clear yet is if the assumed current wave (B) rebound will stop at the 1398 area or it will attempt to retest the April 2 peak.
If the wave (B) tops in the 1398 area then the following wave (C) down could breach the 1340 support zone.
I am going to monitor the DAX since it seems it is now in the process of realigning with SPX's EWP, therefore the extent of the current rebound should give us indications regarding the upside potential of SPX wave (B).
For the time being I will put aside the longer time frame ideas until price confirms this "logical" short-term scenario.
