If so it may complete today 3/7/17 in the area of 2357-2362.
If the SPX does bottom in this zone it could be the starting point for a move to new all-time highs.
Daily and Stochastics are not yet oversold, so there is also a fair chance the next rally could fail to make a new high and then head lower.
If a bottom in the target zone, watch to see if the next rally is choppy. This would be a clue for more downside action.
Sometimes futures trading 's price movement can/ will will act as a proxy for cash when NYSE is closed, and one must be aware of the nuances of this occurrence.
SPX since rallied back up to 2373.09 in trading on 3-9, with 2375 now again forming price resistance.
The quality of this rally is critical as the market could easily turn back down from here. 2375
The move down from he Monday's 3/7/17 high of 2375.12 has been captured with yet another spot on Elliot Wave Analysis by Mr. Rivest.