Breadth for the day ended at 2.70:1, advancers on low volume, which is what one would expect for either count.
Breaking 1092.18 to the downside, or 1112.42 to the top-side would clarify the counts and confirm the direction of the trend, which is neutral at this point.
FWIW, the SPX did manage to close below the 50 day MA
8:35, The Russell presents the best case for the 4th wave theory, having retraced over 90% from yesterdays low, Also possible that the Russell count be in a slightly different wave count then the SPX. If the Russell does make a new high, it would be labeled as the 5th, and if the SPX fails to make a new high, it could be labeled as the top on the 2nd wave up. The RSI and STO, still have a little room to the upside before being fully over-bought.
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8:10, The count is still up in the air as to which one is most likely, either a new down trend has started, or we are still working on a 4th wave in the 2nd wave up from 1044.50. The indicators are not being much of a help either, mixed depending on what time frame you are looking at. Breadth is running 3:1, advancers, and we have been making higher highs, intra-day, so the short term trend in bullish. This can change really quick at these levels.
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7:00, Last chance here for the bears to keep it in the bearish set of fans.