On the hourly chart of S&P500, we can see that price is currently trading sharply lower within higher degree wave C as part of a three wave corrective decline. Well, if that is the case, then even more weakness may show up within the mentioned wave C. Current bearish breakdown is regarded as sub-wave iii, that may extend its gains, probably below the previous swing b-circled and to around the 2347/2350 region. Afterwards a minor correction may pop up as sub-wave iv.
S&P500, 1H
