S&P 500 spiked through the first high probability reversal zone @ 1127 yesterday on the daily chart. This signals a completion of wave 2/B scenario (which has a second price reversal zone around 1148). On the weekly charts we can see likely price targets for S&P at 3 different price zones highlighted in yellow.
The wave count on the weekly will be supported by classical Head & Shoulder charting pattern with wave 3 representing left shoulder, wave 5 representing the head and wave 2/b representing the right shoulder. The h&S pattern is confirmed only on breaking the neckline at 1040 and gives us a price target of 942.
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