I was contemplating today if the move today will resolve in telling us whether its a higher high for a 5th wave or a B wave. We got the higher high in the SPX but we got a wedge in the process as well. So this outcome does not tell us if the impulsive wave down is a 1st wave of some sort or a C wave of a still corrective pattern.
But our aim yesterday was to look for a higher high as early as todays session to complete the move, and that's just what it did. So in that sense we accomplished our goal. We had a clear negative divergence in the Daily chart last Friday, and we now have that in the intra-day charts as well.
We need to be vigilant and look for a continued lower lows for the 60min chart with our short-term indicator following suit.