...well another rally faded to new lows today, and it looks like we may be at the end of our wave 1. Key support begins at 1008, and I would look for a wave 1 low somewhere between there and 1000. I really don't think the market will get to 980 since it appears that our wave 4 was put in higher on the price charts than I thought it would.
Anyway, here are some charts. Wave 2 should break the hourly 34 SMA (currently at 1063 and falling about 1.5 pts an hour) to confirm that wave 2 has begun.
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