Depending on where the recent advance started (Chart 1, blue C or green C), today's sell-off into the close is
[Chart 1 green] wave 4 down, now around fib-382 retrace,
[Chart 1 blue] wave 2 down with likely more downside potential or the start of a larger reversal,
or to a lesser extent
[Chart 2 gray] continued consolidation in the form of a triangle or expanded flat in SPX (and flat in some other indexes, see weekend commentary).
[115 pm] SPX update -
Dow is relatively stronger than SPX today, catching up or leading indicator.
Chart shows SPX squiggles, near term bullish green and much less bullish blue
[9 am] ES update -
Appears to be a small degree expanded flat overnight. Otherwise [i] of 5 or 5 itself. See Break Out (9/7/12) for details.
