This morning's high is likely the top of wave [iii] (green) or wave [v] (blue) off the December low (see chart in the 1030am update).
Odds appear to favor the still bullish green count wave [iii] based on the squiggle structure from the high. See chart in the 327pm update. Wave [v] could truncated but it's premature to speculate on that.
For the larger picture, see Shifting Odds (1/20/12) for details.
[327pm] SPX squiggles -
The best squiggle count from today's high is likely a zigzag down and an upward flat up. See the 2nd chart below.
[1030am] SPX update -
channel
[7am] DAX update -
DAX thrust out of a small degree 4th wave. ES in a similar position.
