As the chart below illustrates, time is running out on the Wave 4 corrective rally. At it's completion, Wave 5 will commence with a target at or below the indicated support level 700 on the SPX.
What I am looking for is some indication that Wave 5 has started. The first clue will be prices dropping down to break the Wave 4 regression channels. Another trigger will be a drop below the Wave B low late last week and a third trigger will be a False Bar Stochastic cross-over below the 75 level. Any or all of these technical patterns will suggest Wave 5 lower has begun with an initial target of SPX 700.