8:05, I have been keeping a closer eye then normal on the Russell, because it has not made a higher high, and this is keeping the 1-2 down count valid, the Russell NEEDS to break down in a 3rd wave here very soon to keep this count going, over-wise the optional 4th wave (Gray)become the dominate count. FWIW, the indicators are now back on a full sell. Click here for a live, and updated chart!!!
The sell-off this morning in the SPX looks awfully large for a 4th wave squiggle, opening the option that we did complete 5 full waves up over the last two days, that still leaves two options that have good odds, that we did finished the 5th wave (blue) and now we are entering a larger correction, or we completed the first five waves up of wave 1 up(blue), both are in question marks. I do give the 5th wave slightly better odds because the Russell counts better as a 2nd wave up and never did make a new high, the only problem so far this morning on this option is Breadth is still on the weak side at only 1.60:1, decliners, and this would be more consistent with a 4th wave. For now, a break below 1275.10 is MUCH more important then trying to figure out the squiggles.