If I had to pick an EW count, then I would be agreeing with that of the DAILY RENKO. It has been absolutely nailing counts for several years running and it seems to be saying that C2 is still ongoing in its Primary Wave [C] down now to complete it. The move up to 1422 SPX was only 3 waves and thus best counted as a [B], which do quite often make higher highs than the previous bull market highs that they are correcting.
ALSO, this chart shows that intermediate wave (A) of [C] is about to conclude, see positive divergence of indicator below price chart. Next, we should see a near term, probably aggressive bounce (my target is 1370-72) in wave (B), before Cycle 2 down concludes with wave (C) later this fall. I’ll continue to show it from time to time as a new leg is completed; for subscribers it will be part of each weekend update.