Tony Caldaro today…
“Today’s continuation of yesterday’s decline eliminated the potential Int. v diagonal scenario quite early when the SPX hit 2172 in the opening minutes. At that time we posted an A labeling suggesting the uptrend may have topped at SPX 2194. We have also posted a less likely Minor 1 with an irregular Minor 2 scenario labeling as well. We were expecting this fifth wave up from SPX 2148 to be the shortest, as the 3rd wave was shorter than the 1st wave. Although not this short. With the characteristics of the uptrend changing, and negative divergences on the daily charts, it would appear a downtrend may be beginning. Short term support is at the 2177 and 2131 pivots, with resistance at the 2212 and 2252 pivots. Short term momentum bounced from extremely oversold to nearly overbought during the rally. Trade what is in front of you!”

MEDIUM TERM: uptrend may have topped