Possible Sell Off Tomorrow

The market bounced early morning as I had been expecting but fell a bit short of the target I had for a ZZ. Still, the count suggest a ZZ and a possible bearish 5 wave count from 1941. If the micro wave I have labeled W1 is correct, then a 5 count will take the market to the 1918 support level. What happens then will the big question as the geo-political situation is not getting any better. Also, I just read GDP might be revised next week due to weaker than expected health care spending on Q1, with contraction targets of -1.5-2.4%. If that those numbers are correct, we will have another low growth GDP for 2014 of around 2%. Lastly, there's a daily bearish cross on the MACD and that generally means the 50 Day MA (currently at 1889) will be tested at the very least.

I am keeping oil and bought back volatility based on the micro count. If I am wrong on the count, I will keep position trading volatility.

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Short Term Trend = Bullish
Medium Term Trend = Bullish

Long Term Trend = Bullish

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors.