A clean upward impulse appears to have completed this morning on the S&P 500 index. After a pullback, a choppy corrective looking pattern (perhaps a double zigzag) made a higher high for the day. Impulsive waves down ensued.
The Fed statement came out at 2:15pm EST and a corrective bounce followed, perhaps a 'b' wave. Stocks sold off after that point but in a choppy fashion.
In the 1 minute chart above, the best count I can see is shown with some alternatives. An impulsive wave (i) of [iii] higher with a double (ii) wave correction following seems to be the best option. I have a hard time believing there was a zigzag (b) wave up with an impulse down still completing (to complete a wave [ii] flat), again because of the final zigzag move higher today, but it may be possible.
A 10 minute chart is shown above. The trading range established last month is still intact.
Finally is a daily chart above. 2009's Fibonacci support and resistance levels are shown in green. Notice the amazing confluence with the blue targets. 1170 is a good place for [2] to terminate.
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