The intermediate trend has now turned bearish and it seems like we will see further downside after the rebound. I had to change labels on the count a little to better reflect the lower low today but we should see the market start a counter rally from here. And like I said yesterday, the ideal place for the W2 to top would be around the 50 day MA currently at 1386. Also, I wanted to make clear where the 200 day MA is at the moment as this is a level many traders will be watching. The level is 1276 and rising so maybe by the time the market gets there it will be around 1280-1290's.
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