12 Dec 2014 - Target Range Hit, Now What?

For a while there I didn't think prices was going to make it to the 2009 SPX level before the end of the day, but the last 15min proved to be crazy.  Not only did we hit our 2009 target, but it also came close to our 2000 - 1999 level as well.  All within a 15min period.  By the end of the day the SPX has lost 33 pts.  This is what you call acceleration at its best.

So now what?  Well so far the EW count we have labelled yesterday is still in play.  A 161.8% retracement to 1980 still exist based on the first chart shown yesterday (but without the 161.8%).  We would need to see if Mondays price action keeps us in a move lower or a start of a rally.  We could possibly still test the 2000-1999 level.  The MT has changed as well so we need to be mindful of this even if its a lagging indicator.

The 2 levels I will be watching for on the next down leg is the 1980 and 1970. (2nd Chart).

MT: DOWN
ST: DOWN
PA: DOWN