So most folks are saying that we are very probably into wave 3 at this point, maybe even on the verge of wave iii of 3, the most brutal part of the down-swing.
Me, I'm not so sure - if you look at the continuous /ES or the SPX spread-betting market that we have here in the UK, then it's fairly clear that the actual high in the market took place on Jan 11 out-of-hours - days prior to the intraday high in the SPX.
This produces a different count that suggests that wave 1 might only have just come to an end at Friday's close. Clearly the implication here is that we are going to get a sizeable bounce in Monday's trading if this is correct.
UPDATE: always check the weekly... just noticed, we can see clearly how we topped very close to the 61.8% fib retracement from the May 08 high - will we now find support at the 50% mark?
Sunday night bounce music for the SPX
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