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The bounce from the Friday's low looks to form an inverted H&S and the target of it may be 1380.00, which is in the vicinity of MA-200 days at 1282.18.
There is a count that considers the Friday's low be the wave iii of a wave [iii]. It supports the idea that this bounce would make a wave iv before a wave v of a wave [iii] in the main down trend. There is a H&S pattern in SPX that looks not symmetrical however may still legit with down target at DJ-30 daily: Though the Friday's close looks bullish as the SPX chart, I stay expecting the H&S pattern should finally works out at the target 12390.13. Posted by StockMarketWinner at 2:38 AM