The bears took our preferred triangle breaking up to new highs scenario yesterday and beat it to death with sledgehammers. 2134 is now likely to remain the 2015 high and SPX has further downside targets that I’d expect to see made in coming days.
The triangle has broken down with a target in the 2015 area, close to the 38.2% fib retrace of the rising wedge from the October low, but the main target in my view is the larger double top target at 1954 (slightly above the 61.8% retrace) that fixed on yesterday’s extended and dramatic break of double-top support at 2044. The SPX daily chart:
