So far, so good. The market is just chopping sideways for the most part as expected. How long will this last is the question of course. My guess is that it will end today and tomorrow we'll drop again. But I'd like to see it rally up a little more today first and close firmly green. Then it would look like a completed ABC move up from the low on Monday. The next move down isn't likely to be the big drop though as I fully expect it to be bought up as the "buy the dippers" come in looking at the pullback as a opportunity to go long.
There could be several of these drops and rips going into next week to fool bears and bulls alike. I tend to think the biggest drop won't start until after the monthly options expiration is over with next Friday. So the week starting on the 18th should be the big move if this market follows the previous patterns... and I think it will. I see no reason for SkyNet to make it easy this time around by just dropping hard from the first top. I fully expect it to do the dance up and down several times to trick both sides before the real move down starts.
So if we end this move up at the close today then tomorrow should be down, but if that's another one day drop like Monday it could end the first series of waves down as well and then another series of waves back up should appear going into next week. I'm not a Elliottwave expert but the market does move in waves, and I'm just trying to guess which ones will form before they happen to the best of my abilities. Good luck.