The turn around in the futures was pretty big. Nearly 30 points. Last night, we were at 1072 - up over 8 points I believe. The bears did manage to push it down. Now they just need to keep it down and we need to break our current lows at 1039. Volume wasn't too heavy, and the internals ended at 12:1 down.
The current wave count is that we are in wave (v) of [i]. But we basically need to keep dropping from here with very little bounces. Any break over 1065 will be the end of this count. 1039 is the next important pivot. If we break below we could get to the 1025 area.
I am going to mark today's low as the end of wave i of (v). We could get a quick bounce for wave ii. If the bounce is large, the count could be wrong. Wave (v) could also be one large thrust down. So we will have to wait and see what happens.
1065 and 1039 are the key pivots for tomorrow.
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