A closer look at the SP500 ‘s 4h chart reveals that we might be closer to the bottom than I thought. The third wave of wave C of (IV) can already be seen as an impulse. This means waves 4 up and 5 down remain to complete the pattern. More weakness can still be expected, but instead of 3300, the bears might only drag the index between 3500 and 3400 before the bulls return.











