We got our rally yesterday but it fell short only hitting 2378 and not the 2385-2390 that I had hoped for. And we also got our C wave down that I was looking for but I must admit that it moved so fast that I didn't get short for it... bummer. And from the looks of that wave down it doesn't look finished yet. I suspect there's another move down that hit's the falling black trendline pointing to the 2315-2320 area right now. The question is... will we see that move today or another day this week? Here's the way I'd look for it to happen... the move should do it today by the close or tomorrow at the latest. Anything past that in time risks the bottom already being put in and a squeeze up starting the could last for a week or more.
So what I'd look for is a rally up today to hit that slightly higher falling trendline that's pointing to around 2350, which should then get the short term charts overbought enough to give us that next wave down into the close or afterhours (which should continue into Thursday morning). Timewise I'd say that today's close around 4pm EST will give us the clues we need to figure it out. Then on Thursday I'm guessing that we'll see some bottom (or top, but should be a bottom) that turns around strong around the last hour of the day. Meaning around 3pm that day we should see that final bottom to flush out the bulls. Then a rally should start. This is of course just speculation based on how I've noticed SkyNet tricks us sheep, but that's sometimes all you can do is guess.