Looks like we are still carving out the B wave bounce inside the Large Wave 2 (LW2) down from the all time high. The Medium Wave A (mA) was of course the first drop after Thanksgiving and this Medium Wave B (mB) up is subdividing into smaller waves I believe, which is common as it's a tough wave to figure out. My guess is that it drags out into this Wednesday or Thursday and then the Medium Wave C down drops and bottoms on Friday or next Monday.
The mid-4400's or low 4500's is my target to complete it, which will complete the Large Wave 2 down as well. Today is likely a bear trap as this is not the Medium Wave C down in my opinion. Since I think the Medium Wave B up is subdividing the gap up yesterday was probably the Small Wave A up and the drop today is the Small Wave B down... leaving the Small Wave C up to complete Wednesday or Thursday. After this Medium Wave 2 down ends the next move up should be a bear killer as all wave 3's are.
How long it last is anyone's guess but as I said previously it could be 700+ points in total (from the low of the Large Wave 2). This mornings drop should just chop around this low area all day to lure in bears to short the close. I don't think it will go too much lower and it certainly should not take out the current low from last Friday. We shouldn't see that taken out in the Small Wave C happens this Friday/Monday. So, from whatever low we get today we should go up again tomorrow with a move above yesterdays high very possible, but not a new all time high. Have a blessed day.