S&P 500 fell in five waves

I am not saying this will happen, but I am weighing it since we did see a five-wave decline in wave A earlier. Since then, we have not made a new high. The entire structure can look like a triangle in wave B if we do not cross 7560. That is the line in the sand. This is not a conclusion but a possibility. If we break down from 7560, then wave C down can get us back to 7170, near the bottom end of the channel or 7130, near the 20wma. The weekly RMI is in sell, so there is a divergence between the daily and weekly RMIs. Let us see what happens.