SPX is in a downtrend. It finished the first wave down and transferred into a second wave rebound.
An a-b-c correction embedded in wave two is in forming. The c wave embedded in a larger degree of wave II can reach 1100 to form a small double top or reach the higher level of 1120-1130 to form a bigger double top. Close above 1150 will negate the above wave count.
In my opinion the b wave is not finished yet, it can extend to 1040-1050 support level.
Watch these levels carefully, 1040-1050 and 1100-1130.
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