As expected we had a wave 1 down and 2 up yesterday, of some degree, which isn't important to know right now. There could be many 1's and 2's over the next few days before we get a good move down. As for today I don't see a lot happening as it's a Friday as we all know that it's common for the week of the FOMC to NOT have a large drop happen.
Next week is OPEX, so if my thoughts are correct we'll get an early pullback Monday through Wednesday and then a rally back up int Friday. The week after is when we should see the bigger wave down, which should be a C wave, and I think we'll bottom around the end of this month, which is Friday the 28th. Whether or not we make a higher low then the 4963 low or a lower low I just don't know.
Have great weekend.
