Just A Quick Point

While we have now dropped below our ideal support, the manner in which we dropped today seems like we are completing a 5-wave decline off today's high.  So, that would mean I would reasonably expect a rally once this 5 waves down completes.  Due to the divergences we are still seeing on many time frames, I am going to give this potential wave 4 a bit more room.  But, if we continue below 3950, then I cannot give it any more room and have to assume we are heading back down to the 3800SPX region. 

Should we begin that break down, I will discuss the ramifications at that time.