This is a sign of weakness because less stocks are participating in the rally.
The SPX may have completed a Running Flat. See "Elliott Wave Principle" pages 46-47.
This is a very and fits well with less and less stocks failing to rally.
The crossover on the 15 minute indicates Tuesday 1/17/17 could be down.
The alternate count to the illustrated pattern would be a Double down from the all-time high followed by wave "1" up.
If all this happens, the market should then fall to around the 2280 area to fill the breakaway gap.
Congratulations your bullish forecast was correct.
Each price bar on the chart represents 15 minutes of trading.
S&P 500 is the stock index the chart represents.
TVC is a notation that Trading View uses, I think it designates intraday charts.
If this is correct, then W2 (of 5) will drop to around the 2264/8 area, after which the market should rise strongly in W3 (of 5) and make an attempt at the 2300 area. This is likely to be confirmed by a strong break above 78/9.
Of course I agree that a drop BELOW 54 will be bearish and negate the upwards potential to 2313/7.
Thanks for the comments.
I'll turn bullish if the SPX can exceed 2285.92 which is a very important Fibonacci level mentioned in my posts.