The shorter term counts suggest that we may get a quick pop early tomorrow to complete wave [5] of v of (c). The wave structure doesn't look complete. It is not necessary, but the count would look more complete if it is to happen.
However, I feel that the 1110 area must hold in order for this count to hold. Any higher may cause another short squeeze. A sharp reversal is possible from 1110.
As for the daily charts, all the indices post a similar picture except for the Dow. The Dow daily chart seems a little more bullish than the others. Here are all the indices:
SPX: Heavy resistance in this area, and this is also the primary down trend line from our highs. Breaking will be bullish.
Dow: The Dow did not drop as much during this recent leg down, so it has not rallied all the way back up to the downward trendline. If it does, it could cause the SPX to break up and out.
Nasdaq: The Nasdaq did fall pretty hard like the SPX did, but the Nasdaq has shown more weakness on the bounce, this is good news for the bears.
Russell: The Russell has fallen the most. It made a double bottom and it has made it all the way back to it's downward trendline. However, the slope is stronger on the Russell.
Dow Transports: The Transports have a similar picture to the SPX, however the Transports did not close at the highs like the other indices. However, the Transports did retrace the furthest.
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