Elliott Wave Analysis: SPX May Start a New Leg Lower

SPX short-term  Elliott Wave analysis suggests that the decline to 2553.8 low ended intermediate wave (W). Above from there, the rally ended in intermediate wave (X) at 2717.49 high and the same time also completed the correction against 3/13/2018 peak (2801.9). The Index however still needs to break below wave (W) at 2553.

8 low, and more importantly below 2/10 low (2532.69) to confirm that the next leg lower has started.