15 Mar 2016 - First Round Goes To The Bears

Closing under the 200 day has a psychological relevance to the trading community, and even with the rally at the end, the day still belonged to the Bearish camp.  Ultimately the SPX needs to break 2000 - 1990 to have a more pronounced impact on sentiment.  The SEN indicator is at risk of turning bullish, so Bears must also be cautious of the possibility that a bullish turn can happen.  An approach to the .786 Ret. level is also possible, so if prices break higher I will have to consider wave-e (red) as a sub-wave-i of v (blue) extending the count to fit the scenario, and possibly ending the pattern as and ending diagonal so that the channel and wedge pattern we have drawn can be retained.

SEN: Bearish
ST: UP
PA: UP