This is the S&P 500 (SPX) with two key levels highlighted. I placed the Wave 2 high at the 61.8% Fib level of the leg down from Feb 10th, but it conceivably could rise up just under the Feb 16th high. Until proven otherwise, the trend is lower and a powerful Wave 3 down is still expected. Breaking below the reversal box should trigger acceleration down. Breaking above the Feb 16th high turns the pattern on its head. If price breaks down out of reversal box: Mar 18th SPY $435p (9.25-9.30)
