S&P projection

The ES hitting this 3962 area seems very likely given the fib projection as well as the length of wave A relative to a projected wave C. However, a bounce here at the prior lows can't be ruled out completely. Much will depend on the fed meeting. Let's not rule out the downside case either. My wave C projection could easily extend beyond the 1:1 ratio or even morph into a crash like scenario. I tend to doubt the later but it's for the market to decide.