[EOD] Stocks -
2014 Outlook (12/27/13).
Squiggles from the all time high are subject to various interpretations as Chart 1 illustrates:
[blue] a completed double three.
[black] a five wave decline - wave 1 or A? wave C of an expanded flat?
[red] an incomplete diagonal
The opening downward gap is likely to be filled based on the market's historical tendency. See This Gap is Different (8/23/13).
The EDT count looks appealing at the moment.
[10am] SPX update -
On the squiggle level, this morning's drop is likely (c) of an expanded flat [iv]-down. A breach of wave [i] high invalidates. See charts.