[4pm] stocks -
The following charts present tracking counts.
Wave structures of $COMPQ and $NDX appear to favor the blue count with one more squiggle high. If the blue count plays out, it will likely price out the bearish minor wave 2 count unless $INDU truncates or diverges.
[320pm] SPX/ES -
Price action around the 130pm low counts better as an expanded flat than a completed three down (adopting a triangle or a running three) (Chart 2).
Odds favor an incomplete triple-three down per the bullish count (green), OR
an bearish LD down (not shown) , OR
a nested 1s2s per the bearish count (red).
The larger picture count is here - http://4.bp.blogspot.com/_qRW-eUBCP7U/TMg4hDRph4I/AAAAAAAAFZ4/ZX40JsHPxF0/s1600/spx-20101027-1033am.png