SPX's Wave A Down of Wave C/Wave 5 Down May Bottom Tomorrow 7-1-10

SPX's (S & P 500, http://bit.ly/i0nsT)

Wave A Down of Wave C/Wave 5 Down (Since 6-21-10's 1131.23 Cycle High) May Bottom Tomorrow 7-1-10, see

http://bit.ly/i0nsT

. Yesterday's extreme conditions (volatility/-3.10% and volume/

5.30+ billion shares

), plus, today's additional downside (-1.01%), point to an imminent cycle low. Note today 6-30-10's bearish red (close below the open) candle with a bearish spike.

SPX (S & P 500, http://bit.ly/i0nsT) has done (likely scenario) Wave 1 down to 1065.79, Wave 2 up to 1173.57, Wave 3 down to 1040.78 on 5-25-10,

and, Wave 4 up to 1131.23 on 6-21-10 (the upcycle from 5-25-10's 1040.78 cycle low until 6-21-10 failed to do an Elliott Wave 12345 up down up down up pattern, which is a very bearish sign),

all labeled on StockCharts chart, of the Intermediate Term Downcycle since 4-26-10's 1219.80 cycle high,see http://bit.ly/i0nsT.

It looks like SPX (S & P 500, http://bit.ly/i0nsT) is heading for 900ish in this Wave C/Wave 5 downcycle since 6-21-10 (might get revised some after I do Fibonacci analysis and put more thought into it), because, there are downside gaps (below 1000) at 975.15, 940.38, 905.84, 855.16, 825.16, 811.08, 768.54, and at 676.53. 905.84 is the likely final gap to get filled in this Intermediate Term Downcycle since 4-26-10's 1219.80 cycle high, partly because there's a large distance from 905.84 until the next downside gap at 855.16.