There was an impulsive move lower Friday. This appears to have been part of wave (v) that began after the completion of a wave (iv) triangle Friday. The legs of this triangle work well as zigzag family patterns. Details and targets are shown in the chart above.
Wave v of (v) appears to be underway. After v completes in what will probably be the low 1070s to the mid 1060s, wave [ii] should be underway. Expect it to be a sharp zigzag correction retracing most of [i].
An alternate (not shown) is a completing "3rd of a 3rd" wave of (v) in which (v) began 1/28/10. The labellings are the same as the ending diagonal count but iii of (v) would not be complete yet. This would be an extended (v) wave which in my opinion makes less sense than the above primary count in this short term oversold market. However if after another wave [i] low Monday prices remain low and a wide sideways correction ensues, this is in play.
A larger view of the beginning of primary wave [3] is shown above.
A full moon occurred yesterday, 1/30/10. These events have correlated well with short term stock bottoms lately. This works well with the above primary count.
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