S&P 500 made a nice fall from recent highs at the 2118 area, where we labeled end of red wave B). Upper channel line can now act as a resistance and a turning point lower, as long as price trades beneath its current high. We know that after every five waves unfold, a minimum of a three wave correction may follow, so recent weakness can be the start of a new contratrend movement that may reach lower levels in the next few sessions.
S&P 500, 1H
