[520PM] Futures (ES)
The two recent pullbacks sport a similar structure (see arrows). There have been seven waves down with comparable size.
Odds favor the decline in SPX being a corrective wave ii of (v) since the late August low.
 SPX rolled over before reaching the target zone of 1158-1164 discussed in That's All Folks! (9/24/10), leaving room for the current pullback being wave ii of (v) rather than the top.
The VIX may still be itching to deliver its final low.
 Two potential corrective structure has emerged in ES(Dec) futures (Chart 1). The blue count shows a DoubleThree [A]-[B]-flat[C] structure. The red count shows a single downward flat - slightly odd looking but much more bearish.
The market is short-term oversold - this statement does sound amusing given the larger picture - perhaps making the less bearish blue count more likely.
ES(Dec) is around the 0.382 pullback mark going into the close.
 The wave structure in the cash indices may show a single downward flat, which is more obvious in $COMPQ. (Chart 2 and Chart 3 )