Sure, today's tape was impulsive -- this is the "C" wave of 4, like this. Looking for more weakness early in the session tomorrow before finding support on the descending trendline from "A" of 4. SPX 1808 would be great.
The target for W5 is SPX 1875 by next Thursday, January 23, a very big financial news day. That would also be a 1.618 fib extension of the presumed wave 4 decline from 1849 to 1808 tomorrow.
|SPX 01-13 6M|
The weekly SPX chart shows the upper Bollinger up there as a near-miss target. In 2007, the tape missed the top Bollinger by 4 handles.
|SPX 01-13 6M Weekly|