With the $ES meltdown, $SPX should be ready for the next major decline
With the $E-mini S&P 500 - main 2506(ESmain)$ meltdown, $S&P 500(.SPX)$ should be ready for the next major decline escalating the multi-year bear market.
Once a new low is produced, I'd favor an ultra bearish 3/4/5 wave sequence to unfold with 5400-5300 as measured targets for the 3rd.
Although, there would a great chance to cross the August 5120 low for the 5th.
$SPDR S&P 500 ETF Trust(SPY)$ $NASDAQ 100(NDX)$ $Invesco QQQ(QQQ)$ $E-mini Nasdaq 100 - main 2506(NQmain)$
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Alternate/Confirmation:
$E-mini S&P 500 - main 2506(ESmain)$ does hold a 5-wave down structure, though the 3rd is shorter than the 1st.
Therefore, price must remain above exactly 5469.50 to keep the 5-wave down in tact.
However, below ES 5469.50 would confirm the above bearish projection playing out.
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