Counter Rally

It seems like the market started a counter rally today but it's still too early to tell by looking at the wave. Technically speaking, the bottom could have been put in yesterday and what we are seeing is part of an Expanded Flat or an ABC move that possibly could reach support and then bounce back. Alternatively, we could see further selling until we reach significant support at 1250. The close under the TA is a clear negative but there is built in pessimism in an oversold market so we should see a rally to the TA sooner rather than later.