SPX - the new first Alternate count

SPX continues its sideways move, trapped between the resistance of the 20-day MA and the support of the 50-day MA; 

this is the key level of the new first Alternate count .

If the 50-day MA will be broken down, it becomes the main counting.

This scenario considers the possibility that the current downward movement is the Alt:x wave of minor degree; the final Top would be higher in terms of price and farther in terms of time.

However, until then, the preferred scenario is that shown below.

Waiting the FED's announcement, an interesting stock: SOHU

Have a great trading day ... with care!!!

ElwaveSurfer