The market confirmed our completed 5 waves this morning with a great gap down at the open. Our wedge trendline was backtested in the early hours, and then the sellers kicked in. We got a nice little bounce off the 89 SMA, which may provide for a sideways day tomorrow. I'm looking for a test of the 1150 zone tomorrow or Thursday. If there is good divergence on the hourly chart, we may get another bounce. So far, we are still in one wave down structure on the hourly chart, so I'm not going to start labeling until we have some data to work with. Strictly speaking, the 15 min chart is showing a nice A-B-C corrective wave right now. Regardless, this structure would likely be the front wave of a larger 3-3-5 corrective wave. Let's see how it unfolds...
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