Downtrend Continuation on S&P500 Hourly Futures

The downtrend signaled yesterday on the S&P hourly futures (see link to my previous post below) witnessed a continuation today. We are now into Wave 3 of a downtrend extending from the Mar. 13, 900 am high.

This downtrend looks like it will persist at least for another impulse move down, as the wave 2 swing high failed to hit the upper Bollinger band. Also bearish is the fact that the wave 3 going down is sticking close to the lower Bollinger band.

There is still an opportunity to enter a short position on a retracement.