SPX Setting Up the BounceS&P 500SP:SPXHydraFinanceFriday was an extremely bearish day for the market. It slid the entire day, even closing practically at the low for the day. It could be easy to surmise that we could be in for a deep retracement but this is doubtful seeing the price moves preceding this sharp drop, its rather clear we seem to be riding an expanded or running flat wave. The usual expected target for wave C of this particular type of flats roams from everywhere from 61.8 % of the advance of wave A to 127% of wave A and even further, sometimes even reaching past 200% of the distance traveled by wave A. The key point to touch on is the unfilled gap that is present right around the level of the projection of 127% of wave A. Having this point playing in conjunction makes me lean towards expecting a deeper rather than shallow retracement. Once we have reached the specified level, and likely going to fill the entirety of the gap, we can start to hunt for a bullish catalyst, since we should see further buying pressure and move into all time high territory.