We did manage to make a lower low today, and no higher highs, keeping the trend down, I would be very cautious in thinking the short-term trend will remain down after looking at the technicals. The wave 4, bullish option definitely has legs now.
And just to throw a wrench into things, Blankfiend"s over at Fibs And Waves noted this morning, that the 4th wave entered the 1st wave on the NYSE!!!
6:54, This is the bearish count, and breadth is doing a good job confirming the count, now running 6.83:1, decliners. The only word of caution, is that in the Russell, the wave 4 option does look possible.
6:36, It did not take much to jump back into the most bearish part of the fan.