Updated my 60min SPX chart.

http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID3026812&cmd=show[s147416304]&disp=P

 

Basically, if SPX can bounce from today's low or after a brief 10-pt drop at the Wednesday open, I think it has a great shot at 1060 and a decent shot at 1100 within the next few days. My count and the 15min AND 60min positive RSI/MACD divergences support it. 946-966 still lurks below and my investigation of the 1min chart suggests another 30-40 points down is possible, but there are 2 nice channel lines at 987ish and 996ish suggesting a bounce is likely Wednesday. Having said that, you can see my EW count suggests we are merely completing wave 3 from 1303. Wave 4 would likely reach 1070-1110 but should not surpass 1134 if my count is valid. Then, wave 5 would likely fall to 946-966 with daily divergences. Such a bottom could line up just ahead of the lunar cycle new moon on October 28th that Serg often brings up and the October 29th Fed meeting and EOM window dressing. Below 946 by more than a few points, I'll get concerned. Good luck.