S&P

S&P reached the 20dma/61.8% mark and here we question either that minor wave ii up is complete and wave iii down to new lows should start, OR, the previous decline from the May high was a leading expanding and a larger 61.8% retracement or higher till1640-60 range is on. A short term reaction from here though might anyway be possible after a 3 day rally on the S&P. Yellow and blue markings shows these two alternate paths