This is a 30 minute chart of the S&P 500 showing price labels at the Aug 16th all time high (4480), what appears so far to be an EW Wave 1 low (4417), a Wave 2 correction higher that stopped right at the 0.618 Fibonacci retracement level (4452) and a projected Wave 3 down imminent. It's one more bearish pattern to add to those we have already seen in EEM and the Dow over the two days. The bearish case is still intact.
