Don't Be Fooled. The S&P 500 Has Begun Wave 3 of 3 of 3 Down.

With today's new low, the wave count I worked on yesterday can no longer be valid. It appears that wave 3 has started, and the upward push we have experienced most of the day is either micro wave 2 or submicro wave 2 up, although I believe the submicro wave 2 count is more likely.

We are also now below both the daily and hourly Ichimoku cloud .

The S&P 500 still technically has a bullish seasonal slant until Sunday (practically, Friday or Monday). But the wave count and Ichimoku cloud imply the downward push has already begun.

If you want to short the market and haven't down it yet, this submicro wave 2 up is your opportunity. This wave will probably end either later today or tomorrow.