First of all, Chart 1 and Chart 2 present our bullish and bearish tracking since the 2009 low to put the current downswing into perspective. The bullish view(short term or long term) places the market at a fourth wave of certain degree. The bearish view (long term) sees the Hope Rally over at the May top.
Next, the post-FOMC crash has roughly reached equality with the initial sell-off from the May high. The current downswing is wave C by the corrective tracking and wave [i] of 3 by the impulse-wave tracking as the decline is not sizable enough to call it a wave 3. See Chart 3 and Chart 4.
Finally, squiggle counts in SPX and ED place the market at the end of an impulse or wave 3 of that impulse barring endless extension. See Chart 5 and Chart 6.
[1055am] SPX update -
[805am] ES update -
The larger structure and squiggle counts.
