The wave structure in cash SPX appears (at least near term) terminal (Chart 1 and Chart 2), which that in ES can still be counted as a five-down and three-up retrace (Chart 3 to the right) with the AM high still intact. Furthermore, there's the suspense ahead of ECB's LTRO. We shall find out overnight. 
[205pm] SPX update -
[710am] DAX, ES update -
topping with respect to at least the Dec low.
