Deeper 4th Wave?

With the market not sustaining this rally today, a break down below 1690ES could very well signal that we are heading towards the lower Alt 4 blue box.

However, due to the structure off the highs, a drop into that region can also classify this drop as a 5 wave structure off the highs, which would likely put another twist on the market.   So the action in the next week will be very important to tell us if the market has already topped or if we have one more strong rally to complete this larger degree structure from the 2011 lows.

 Elliott Wave Chart