From a Elliott Wave Theory perspective it looks like the monthly S&P500 has completed 5 waves up - so the theory dictates we need to correct the 5 waves up with three waves down. The prior 4th wave low is usually the end of the retracement. However, retracements can go all the way back to the prior 2nd low !!!
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The index has now closed below our initial target line of 2344.9 on the daily and weekly chart. This opens the door for further declines to our next target line of 1810 - close to the 0.5 fib retracement on the chart. ( 0.382 fib retracement sits at 2128.9 - The 2015 high. It will be interesting to see if this point offers any significant support )