We have our higher high today on the SPX. The patterns seem to suggest the mentioned ABC in 3wave zigzag formation. The daily stochastics has also made a negative divergence with price. So we should watch for a reversal. If this is a C wave pattern down then it will be an impulsive one and most likely in 3 wave format as well.
Short-Term: UP (Neg. Div.)
Remember that we should always wait for any of our indicators to confirm. So if you are going short a daily or intra-day trend should be in the down-trending position.