Same Trade, Different Day

Futures are still lending credence to the scenario laid out above.  Yesterday price reached 1309.27.  The next big level on the S&P cash 1303.69, which would bring it under 1306.62 and effectively shut down the bulls in the longer term while possibly setting up a hefty bounce.  There is no guarantee the 1303 area will be hit.  It's simply the 61.8% retracement level.  But the rally from 1309.27 looks choppy and overlapping enough that 1303 could easily be tested if not exceeded.  Because this is still likely a b-wave, anything can happen.  B-waves are fakes.

I'm seeing wave counts that place the S&P in a third wave down, essentially labeling "a" above as a wave 2 high.  While this could turn out to be the case, yesterday's lack of volume was problematic.  If it is be the case, today and tomorrow would need to be deeply red, 1266.74 should quickly come under pressure, and should fail.  Otherwise I'm looking for areas to position for higher prices using SPY calls in case I'm wrong.