This is a rather quick update, but I will do a few more later in the day.
The SP500 has finally turned with a start to a pretty good looking impulse. We will never know how far this will go this time as we could also be in a wave 2 decline. We have a big gap down at the 1860 price level so that is one place it may find a bottom.
If this was just another "C" wave bullish phase, then the SP500 and other markets will crash to a new bear market low. Not all of the indices have done this, so this is something we have to consider.
Any parallel trend lines I tried to draw had no chance of looking good with the rally so that also adds to my suspicions that we just finished a bearish rally.
If the markets make a big surprise then we have to be on the lookout for a corrective move. Of course, if that happens then the markets will push much higher once again.