Today was a big down day for the market. 1039.47 was broken, the possible wave [i] of C of (Y) of [2] peak set 8/28/09. Breaking this is an indicator that primary wave [2] has topped.
A 1 minute chart covering 7 days is shown. Some things were changed. Notice the (ii) wave double ending yesterday. I believe this fit the wave structure the best.
Even though it was large, in my estimation the wave down since yesterday is a first wave of a larger impulse. In my opinion there were not enough declining shares and too much choppiness in this wave. Also this decline is about the same magnitude as that seen 9/23/09-9/24/09, the marked wave (i). A third wave is normally noticeably sharper and longer than a first wave.
If i did complete, watch for a sharp correction up tomorrow . This should happen very soon after the open as it appears the impulse down since 10/30/09 appears to have nearly completed. If the coming correction is sideways, it may be a 4th wave correction. But I expect the mid 1040s to be seen tomorrow if a sharp correction does unfold.
It is possible that a triple zigzag since March 2009 in unfolding. If this is the case, a zigzag correction down may have completed wave (XX) of [2] or A or W of (XX) of [2]. Triple zigzags are rare so this is probably not unfolding but it still is possible.
Finally, degree labellings may be too low. This does not change the structure however.
